Rep Cmte Financial Services

Donovan Confirms Administration Is Slow Walking On GSE Reform


***Why don't the Democrats have a plan? Click here for Fannie, Freddie bailout timeline.***

- While Fannie and Freddie continue to hemorrhage billions of dollars, the Obama Administration and Congressional Democrats are intent on ignoring the problem and the need for action.

Today, in response to a question from Ranking Member Spencer Bachus, HUD Secretary Shaun Donovan confirmed that the Administration will not have a plan until next year.

Bachus: "It's time for action....Don't you agree the time for just asking questions is over? When can we expect legislation?"

Donovan: "As Secretary Geithner said in his testimony, our expectation, particularly given the full legislative calendar that you have, is that we would have full discussion with the public, with the Committee, with the Senate as well. And, that we would move to legislation in the following year."

Bachus: "The following year?"

Donovan: "I would certainly expect that it would be difficult to move legislation and complete that legislation this year." 

NOTE: Click here to view the exchange between Ranking Member Bachus and HUD Secretary Donovan.