Comments on: Federal Housing Enterprise Regulatory Reform Act of 2005

By: SergeantMajor

SergeantMajor — Fri, 24 Oct 2008 21:47:15 +0000

Dan Wayment
I just want to point something out. The purpose of the Federal Housing Enterprise Regulatory Reform Act of 2005 was to appoint an independent agency to conduct the check and balances on the two GSE, Goverment Sponsored Enterprise. The institutions which where government run had a S5.2 Trillion debt and was tagged as a systemic problem under goverment control. Appointed an independent agency to monitor the two GSE is prudent. Allowing the government to monitor itself after the Disastrous failure to monitor the two GSE in the first place is the same logic to make it voluntary for Financial Institutions to voluntary disclose their financial management and transaction. The purpose of The Reform Act of 2005 was to take control out of government for the two GSE and place it in an Independent Agency to monitor, ensure tranparency, and prevent the forcasted systemic problems that have been raised by the Bush Administration, Treasury Secretary, the FED Charmain, and others.

Why did the Federal Housing Enterprise Regulatory Reform Act of 2005 fail. Republicans proposed S. 190 [109th]: Federal Housing Enterprise Regulatory Reform Act of 2005 it never made it out of committee.

By: AGoodBuzz

AGoodBuzz — Wed, 01 Oct 2008 23:16:31 +0000

Sorry T-Bone, but that legislation that Clinton signed was veto proof, Senate 90-8-1 and the House: 362-57-15.

By: Stanford Matthews

Stanford Matthews — Mon, 29 Sep 2008 01:09:40 +0000

I am currently researching this topic on the following question. If Hagel and Dole sponsored the bill 1/26/2005 and McCain signed on 3 months later how come it never made it out of committee with both Hagel and Dole on the committee?

Since McCain mentioned this in the recent debate, I thought it was a good thing. After seeing the curren committee membership and raising some suspicions, I checked the 2005 membership which differs slightly. It was a GOP majority then and I want to know who dropped the ball on this one.

By: Nancy

Nancy — Fri, 26 Sep 2008 19:07:10 +0000

As to the reliability of the New York Times as a source of information: The New York Times published as fact the false rumor that Sarah and Todd Palin were members of the Alaskan Independence Party. Verifying “facts” such as this one prior to publishing it is taught in journalism 101. At least it used to be. The New York Times is a liberal rag, not a legitimate news source. It deliberately printed a lie in the hopes that irrevocable damage would be done to the Palin nomination before a retraction would have to be printed.

By: Ben

Ben — Wed, 24 Sep 2008 20:11:04 +0000

Thanks, TC. I’m promoting the NYT article to a new posting to emphasize the point.

http://www.jacquelinecady.com/index.php/2008/09/24/bush-proposed-oversight-of-freddie-mac-and-fannie-mae/

By: TC

TC — Wed, 24 Sep 2008 18:35:53 +0000

T-Bone, just read the NYT article published Sept 11, 2003 titled "New Agency Proposed to Oversee Freddie Mac and Fannie Mae" by Stephen Labaton. Before calling Bush an idiot, see the facts for yourself. See what Bush proposed and how the Democratic congress responded. The most revealing part of the article was the quote of Barney Frank: "These two entities, Fannie Mae and Freddie Mac-are not facing a financial crisis."

By: Ben

Ben — Wed, 24 Sep 2008 03:31:24 +0000

This article 'Wall Street' No Longer Exists by Alan Reynolds gives a sobering analysis of regulatory reform's role in the downfall of Wall Street.

By: T-Bone

T-Bone — Tue, 23 Sep 2008 13:22:59 +0000

I’ve read both sides and am convinced that the repeal of the Glass-Steagall act signed into law by none other than Bill Clinton created the housing bubble and led to its ultimate demise.

Bush, the idiot that he is, showed a complete lack of leadership by not fixing the problem. He was no doubt hoping to ride the wave and let the next guy deal with it. Oops, didn’t make it.

Members of both parties benefitted financially and looked the other way. They are ALL a bunch of crooks and neither party cares a damn about you or me. Your team jersey is just a billboard to help them line their own pockets with money.

The only people in congress that showed any signs of real leadership during this crisis were the sponsors and co-sponsors of the Federal Housing Enterprise Regulatory Reform Act of 2005. It’s a matter of record and its indisputable. This group showed a little leadership, but not enough to move it forward, but after all, who would vote against the money train. John McCain’s comments can be viewed here:

http://www.govtrack.us/congress/bill.xpd?bill=s109-190

Does anyone have a government record documenting any sign of leadership from Obama on this issue?

By: Steve

Steve — Tue, 23 Sep 2008 09:46:35 +0000

Folks,

Fannie/Freddie didn’t give a red cent to any politicians, because it’s illegal for a company to do that. The figures you see referenced are donations from individuals that work for those companies. All those figures mean is that there are more politically active Democrats at Fannie/Freddie than there are Republicans.

From the Federal Election Committee:

§ 441b. Contributions or expenditures by national banks,
corporations, or labor organizations
(a) It is unlawful for any national bank, or any corporation organized
by authority of any law of Congress, to make a contribution or expenditure in connection with any election to any political office, or in connection with any primary election or political convention or caucus held to select candidates for any political office, or for any corporation whatever, or any labor organization, to make a contribution
or expenditure in connection with any election at which presidential
and vice presidential electors or a Senator or Representative in, or a Delegate or Resident Commissioner to, Congress are to be voted for, or in connection with any primary election
or political convention
or caucus held to select candidates for any of the foregoing offices, or for any candidate, political committee, or other person knowingly to accept or receive any contribution prohibited by this section, or any officer or any director of any corporation or any national
bank or any officer of any labor organization to consent to any contribution or expenditure by the corporation, national bank, or labor organization, as the case may be, prohibited by this section.

http://www.fec.gov/law/feca/feca.pdf

By: r

Mon, 22 Sep 2008 20:22:42 +0000

You lied. Or spun it to make a false impression. Sen. Shelby GOP was chair of the Senate Banking, Housing, and Urban Affairs committee when the bill died in Committee.

Why did you do that? How about some honesty/ Integirty?

A correction?