House Republicans announced eight bills Tuesday that would shut down troubled mortgage agencies Fannie Mae and Freddie Mac, which are now operating on government life support,
Politico reports.
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| Rep. Spencer Bachus (AP photo) |
The White House and Democrats in Congress agree with Republicans that Fannie and Freddie should be eliminated. But last year’s Democratic-controlled Congress failed to do so.
“Today marks the start of a process — a process to begin winding down Fannie Mae and Freddie Mac,” House Financial Services Committee Chairman Spencer Bachus said Tuesday. “Over the course of the next few months, my colleagues and I on the Financial Services Committee will introduce multiple rounds of very specific, very targeted bills to end the bailouts, protect the taxpayers and get private capital off the sidelines.”