WASHINGTON – House Republican Conference Chairman Jeb Hensarling (R-Texas) released the following statement today in response to the Obama Administration’s failure to meet today’s deadline for their report on reform of Fannie Mae and Freddie Mac, which was required by law in Dodd-Frank.
“By missing the deadline for the report required in Sec. 1074 of Dodd-Frank – the Administration’s own signature financial restructuring law – it is crystal clear that the President is not serious about reforming Fannie Mae and Freddie Mac.
“This betrayal of taxpayers would be shocking if it weren’t so predictable. For two years, President Obama has repeatedly made and broken promises about proposing any type of reform whatsoever that would protect taxpayers from tens of billions of dollars in additional GSE losses.
“The Obama Administration’s repeated inability to propose a plan to reform Fannie Mae and Freddie Mac calls into question their commitment to taxpayer protection and their ability to effectively govern on this issue. After more than $150 billion in Fannie and Freddie bailouts, we can no longer afford to allow the Administration to kick the can down the road.
“Since it is now exceedingly clear the Administration will not ever initiate reforming these institutions, the House can and must act to pass meaningful Fannie and Freddie reform this year.”