Chairman Bachus: Yet Again The Administration Fails To Deliver A Plan For Fannie, Freddie

Cmte Financial Services (R)
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Chairman Bachus: Yet Again The Administration Fails To Deliver A Plan For Fannie, Freddie

: Financial Services Committee Chairman Spencer Bachus made the following statement today regarding the failure of the Obama Administration to submit a plan for Fannie Mae and Freddie Mac as required by statute.

Chairman Bachus said, “This is yet another missed deadline for the Administration to present a plan for Fannie Mae and Freddie Mac. While there is no legitimate reason for failing to have a plan, the Democrats always offer an excuse for not meeting deadlines, even those they themselves impose. It is clear the Administration cannot make any tough choices required to protect taxpayers and end the bailout of Fannie and Freddie. Taxpayers do not need more empty promises for reform, they need a real plan to stop the Administration and Treasury Department from throwing more taxpayer dollars down the Fannie and Freddie rathole.

“House Republicans offered our plan for reforming Fannie Mae and Freddie Mac as part of our financial regulatory legislation in July 2009, and GSE reform is a top priority for Republicans in this Congress. To get the process of reform started, in the next month, the Committee will convene three hearings focused on how to wind down the operations of Fannie Mae and Freddie Mac in order to protect taxpayers.”

NOTE: Chairman Bachus has scheduled three hearings on GSE reform for February 9^th, February 15^th and March 1^st.