Congressman Tom Price (R-GA) released the following statement today urging Joseph Smith – President Obama’s nominee for director of the Federal Housing Finance Agency (FHFA) – to help Republicans end the taxpayer bailout of Fannie Mae and Freddie Mac, if he is approved by the Senate. The FHFA regulates Fannie, Freddie, and the Federal Home Loan Banks. President Obama announced his decision to nominate Mr. Smith for the post last week.

“Over the last few years, Americans have seen up close the fallout from policies that encourage overexposure and the reckless overextension of debt,” said Congressman Price. “By using Fannie Mae and Freddie Mac to manipulate the housing market, Washington created a recipe for economic disaster. I am hopeful that Joseph Smith understands the need to rein in Fannie and Freddie and end their taxpayer bailout. If he gets the top job at FHFA, Republicans will fully expect his help in stopping this unending drain on taxpayers’ wallets.”