July 27, 2010

WASHINGTON - Financial Services Committee Ranking Member Spencer Bachus made the following statement today regarding the announcement by the Administration that it will convene a conference on the future of housing finance next month.

"The Administration continues to drag its feet in providing Americans with a much-needed exit strategy from Fannie Mae and Freddie Mac. Instead of ending the GSE bailout, the Administration has twice increased  its size and scope,  costing the taxpayers $145 billion and counting.

"In March, House Republicans introduced a plan to end the taxpayer-funded bailout and reform Fannie Mae and Freddie Mac. Republicans also tried to add GSE reform to the Democrats' financial reform bill, but the Democrats blocked our efforts every time.

"The Democrat strategy of ‘planning to plan' does nothing to end these bailouts, and the time for asking questions and scheduling academic forums is over.  Real action is needed before the November election to get Fannie Mae and Freddie Mac off of the backs of taxpayers, and that's exactly what House Republicans have offered."

NOTE: Click here to learn about the Republican plan for reforming Fannie Mae and Freddie Mac.

To view a timetable showcasing the Democrats' inaction on the issue, click here.