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Bachus, Hensarling: Putting the Spike in Fannie and Fred


Washington, Apr 6 -

Letters to the Editor
Putting the Spike in Fannie and Fred
6 April 2011
The Wall Street Journal

 

Regarding your editorial "Blinking on Fannie and Fred" (March 31): The need to end the taxpayer-funded bailout of Fannie Mae and Freddie Mac is an urgent matter. That's why, on March 17, we introduced H.R. 1182, which completely removes Fannie and Freddie from the permanent taxpayer-bailout list and eventually returns them to the competitive marketplace. It is identical to the bill that Sen. John McCain has proposed, which the Journal praises in the same editorial. A similar bill was also introduced last Congress and Republicans in both the House and Senate offered it as an amendment to the Dodd-Frank Act.

At the same time that House Republicans pursue this comprehensive reform that winds down Fannie and Freddie, our members are also working on a series of more targeted bills to quickly begin this process.

As House Republicans declared in our Pledge to America, we will fight to end the $150 billion taxpayer-funded bailout of Fannie Mae and Freddie Mac by abolishing their government privileges, shrinking their portfolios and establishing minimum capital standards. We write to make it clear: Ensuring a free-market future for homeowners and taxpayers alike is our goal and we are fully committed to fulfilling it.

Spencer Bachus (R., Ala.)

Chairman

House Committee on Financial Services

Jeb Hensarling (R., Texas)

Chairman

House Republican Conference

Washington