Measure would call for accurate accounting and bring greater transparency to taxpayers

WASHINGTON – Congressman Leonard Lance (NJ-07) today voted to save the American taxpayers an estimated $30 billion by reforming the way Fannie Mae and Freddie Mac are accounted by the federal government.

Specifically, Lance voted for long overdue reforms Fannie Mae and Freddie Mac – including one measure that would ensure that Fannie Mae and Freddie Mac are accurately accounted for in the federal budget. Currently, Fannie Mae and Freddie Mac and their debts to taxpayers are not included in the President’s fiscal year 2011 federal budget.

“For too long, taxpayers have been forced to bail out Fannie Mae and Freddie Mac at the tune of more than $111 billion. As such, it is time we hold these entities accountable and make their balance sheets more transparent,” said Lance, a member of the House Financial Services Committee. “If the Obama Administration is serious about tackling the federal debt and increasing transparency, Fannie and Freddie need to be fully examined and accurately accounted.”

In February Lance joined fellow New Jersey Congressman Scott Garrett and others in introducing the “Accurate Accounting of Fannie Mae and Freddie Mac Act.” The legislation would demand a more honest and accurate accounting of the two massive government-sponsored entities.

“Taking action to reform these companies now will bring greater transparency to taxpayers and could generate savings of up to an estimated $30 billion,” said Lance. “American taxpayers are tired of the bailouts for Fannie Mae and Freddie Mac and these common sense reforms are long overdue.”


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