Congressman Barney Frank
Representing Massachusetts' 4th District


October 20, 2008

LEADER OF FANNIE/FREDDIE WATCHDOG GROUP PRAISES BARNEY FRANK’S WORK ON REFORM BILL

As reported in the October 18, 2008 edition of National Journal, Republican Lanny Griffith, formerly a top official with FM Policy Focus (a group that urged increased oversight of Fannie Mae and Freddie Mac), gave Congressman Frank substantial credit for passage of the law reforming the operation of the two companies.  Frank became chairman of the House Financial Services Committee in early 2007, and led the successful effort to pass reform legislation through the committee in March 2007 and through the full House in May of that year, with final legislation enacted in July 2008, after which FM Policy Focus disbanded.

In a Q & A interview with reporter Bara Vaida, Griffith responds to a question about which Democrats were involved in the Fannie and Freddie reform efforts as follows:

“National Journal: Any other Democrats?

Griffith: Well, [Rep.] Barney Frank [of Massachusetts]. The Senate Banking Committee produced a very good bill in 2004. It was S. 190 and never got to the Senate floor. Then the House introduced a bill, which it passed, but we couldn't get a bill to the floor of the Senate. Then after the 2006 election when everyone thought FM Policy Focus's issues would be tough sledding with Democrats in the majority, Barney Frank, as the new chairman of the House Financial Services Committee, stepped up and said, "I am convinced we need to do something." He sat down with Treasury Secretary Hank Paulson and frankly upset people in the Senate and Republicans in the House. But they came up with a bill that was excellent, and it was the bill that largely became law.”

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