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Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?

To: Wharf Rat who wrote (146556)	10/28/2014 8:13:08 PM
From: pcstel	Read Replies (1) \| Respond to of 149317

<GSE reform "wasn't a priority of this Administration's. They quite frankly put it on the back burner. And now we see what we have." (Douglas Holtz-Eakin, NPR, 9/16/08)< It would be great if your article had more than ONE functional link.. and something more than OpEd's as it's basis. So the guys writing an OpEd on NPR says that GSE reform "wasn't a priority of the Bush Administration". Let's take a look at the FACTS The following bills were considered in the 108th Congress that aimed to strengthen the regulatory framework and improve the effectiveness of GSE supervision: H.R. 2575 (Representative Baker), H.R. 2803 (Representative Royce), S. 1508 (Senators Hagel\Sununu\Dole), HR 2575 Sponsored by Richard Baker Republican, co-sponsored by 20 Republicans govtrack.us Title To reform the regulation of certain housing-related Government-sponsored enterprises, and for other purposes. HR 2803 Edward “Ed” Royce, RepublicanTitle: To establish the Office of Housing Finance Oversight in the Department of the Treasury to ensure the financial safety and soundness of Fannie Mae, Freddie Mac, and the Federal home loan banks.https://www.govtrack.us/congress/bills/108/hr2803 S 1508 SPONSOR Charles “Chuck” Hagel RepublicanTitle: A bill to address regulation of secondary mortgage market enterprises, and for other purposes.https://www.govtrack.us/congress/bills/108/s1508 nytimes.com Regarding the House Financial Services Committee on the markup Oxley (again a Republican) legislation, the Treasury Department, which had been been pushing for a strong regulator for several years withdrew support because the Treasury/Administration felt that the bill “falls short of real reform.”.Oxley(R) Republican Chairman of the House Financial Services Committee drafted the legislation pushed by the White House and the Administration. The Administration failed to back it because it felt it did not go far enough, and wanted even stronger oversight. icba.org Treasury opposition to the Ohio Republican's bill put the chairman between a rock and a hard place. The housing lobby (including ICBA) pushed hard for regulatory independence; Treasury officials lobbied Republicans for more Treasury control. And the Democrats were lined up to oppose the bill as drafted. So it didn't really matter that the White House would not support the drafted legislation due to what they viewed as "falling short of real reform".. The Democrats were lined up to OPPOSE THE BILL ANYWAY. I love this part.."In the 109th Congress, Democrats supported bipartisan legislation drafted by the Republican Chairman of the House Financial Services Committee, Representative Oxley, which would have given the new GSE regulator broad authority over setting capital requirements and limiting portfolio size. This bill passed the House 331-90"Yes, that right folks.. In the 109th Congress, some 4 years later AFTER OXLEY DRAFTED the legislation in 2003.. in 2007 the Democrats suddenly figured out the problem, AFTER THE DAMAGE had been done.. Why did the Democrats oppose GSE regulation through out the 108th Congress when the Treasury and the Bush Administration pushed for the Treasury to oversee the GSE's? But, after Humpty Dumpty fell off the wall, the Democrats decided that they should act. And so it goes, PCSTEL