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For Immediate Release: October 19, 2005

STATEMENT OF CONGRESSMAN BARNEY FRANK ON “UNACCEPTABLE” PROVISIONS BEING INCLUDED IN H.R. 1461, THE REFORMS OF GOVERNMENT SPONSORED ENTERPRISES OF FANNIE MAE AND FREDDIE MAC

Washington, DC - Congressman Barney Frank (D-MA), the Ranking Democratic Member of the House Financial Services Committee, made the following statement regarding provisions being included in H.R. 1461, the reforms of the Government Sponsored Enterprises (GSE) of Fannie Mae and Freddie Mac. The House is expected to consider the bill next week.

“The provisions in the bill by the Republican leadership and the members of the Republican Study Committee represent an assault on faith based groups and other organizations involved in low and moderate income housing. What started as a fiscally responsible, off budget and non taxpayer-financed way of providing affordable housing has turned into a political football that is threatening to force, in the words of the Catholic Bishops: ‘…would force Catholic agencies to choose between participating in Affordable Housing Fund programs or engaging in constitutionally protected voter registration and lobbying activities with their own funds.’

“It is particularly ironic that the Republican Majority is making faith based groups across the country to choose between providing housing and registering voters and assisting Americans with the opportunity to vote.”

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The Committee oversees all components of the nation's housing and financial services sectors including banking, insurance, real estate, public and assisted housing, and securities. The Committee continually reviews the laws and programs relating to the U.S. Department of Housing and Urban Development, the Federal Reserve Bank, the Federal Deposit Insurance Corporation, Fannie Mae and Freddie Mac, and international development and finance agencies such as the World Bank and the International Monetary Fund. The Committee also ensures enforcement of housing and consumer protection laws such as the U.S. Housing Act, the Truth In Lending Act, the Housing and Community Development Act, the Fair Credit Reporting Act, the Real Estate Settlement Procedures Act, the Community Reinvestment Act, and financial privacy laws.