Just days before key committees in the Senate and the House held hearings on reforming mortgage giants Fannie Mae and Freddie Mac, four senators-Senators Bob Corker (R-Tenn.), David Vitter (R-La.), Mark Warner (D-Va.) and Elizabeth Warren (D-Mass.)-proposed related bipartisan legislation, the “Jumpstart GSE Reform Act.”
The legislation would prevent the government from raising the guarantee fee at Fannie Mae and Freddie Mac to pay for other spending initiatives and prohibit the sale of GSE preferred shares owned by the Treasury without Congressional approval and the completion of GSE reform first. The senators are hopeful that this legislation can pave the way for a broader GSE reform effort.
Several other lawmakers made mention of impending legislation during the House Financial Services Committee hearing on March 19. Both Committee Chairman Jeb Hensarling (R-Texas) and Ranking Member Mike Crapo (R-Idaho) said they would soon release proposals for long-term reform of the government-sponsored enterprises (GSEs).
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