Mc Cain Bill Dems Blocked !!
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| Tue, 09-16-2008 - 9:33pm |
Mc Cain co-sponsered a bill in 2005 that very well might have prevented the housing disaster that started the downhill slide of the economy. It was blocked by the Democrats. Read and learn:
Federal Housing Enterprise Regulatory Reform Act of 2005
Bill Summary
1/26/2005--Introduced. Federal Housing Enterprise Regulatory Reform Act of 2005 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to establish: (1) in lieu of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development (HUD), an independent Federal Housing Enterprise Regulatory Agency which shall have authority over the Federal Home Loan Bank Finance Corporation, the Federal Home Loan Banks, the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac); and (2) the Federal Housing Enterprise Board. Sets forth operating, administrative, and regulatory provisions of the Agency, including provisions respecting: (1) assessment authority; (2) authority to limit nonmission-related assets; (3) minimum and critical capital levels; (4) risk-based capital test; (5) capital classifications and undercapitalized enterprises; (6) enforcement actions and penalties; (7) golden parachutes; and (8) reporting. Amends the Federal Home Loan Bank Act to establish the Federal Home Loan Bank Finance Corporation. Transfers the functions of the Office of Finance of the Federal Home Loan Banks to such Corporation. Excludes the Federal Home Loan Banks from certain securities reporting requirements. Abolishes the Federal Housing Finance Board.
Sen. John McCain : Mr. President, this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created†by the company’s senior management, which resulted in a $10.6 billion accounting scandal.
The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.
The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the company’s accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.
For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac—known as Government-sponsored entities or GSEs—and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay.
I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.
I urge my colleagues to support swift action on this GSE reform legislation.

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This is one of the reasons why when Republicans say that Democrats don't support the troops, I just roll my eyes.
Good for Senator McCain.
http://www.realchange.org/mccain.htm
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http://www.pnhp.org/news/2009/october/meet_the_new_health_.php
http://www.youtube.com/watch?v=DQTBYQlQ7yM
Sopal
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The Democratic party senators didn't get a chance to vote on that bill other than those 9 in the committee.
"Like the Democrats could block a bill when they were in the minority
Sopal
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Finally...the Democrats didn't block this bill.
Sopal
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That doesn't really answer my question - if the bill was so important why did the republicans not work to bring some democrats over to their side? Why give up on a bill they felt was important just because it was an 'uphill battle' my goodness the American Revolution was an uphill battle but it was fought anyway. Are you saying that we only work to pass bills that are easy? Maybe if the past 8 years haven't been so polarizing more would have been accomplished - shouldn't the republican president and the republican controlled congress have worked towards unity if they wanted to be able to pass these important bills rather than cry fowl now?
It seems silly to blame the minority party because you didn't work hard enough to accomplish important work when you had the majority.
This is really the most astounding abdication of responsibility in the history of American politics. For a long period of time in very recent history, the Republicans controlled the Executive - indeed Bush claimed a "mandate" after 04 whose political capital he was going to "spend" alright. The Republicans controlled the House. The Republicans controlled the Senate. Increasingly, the Republicans control our courts. And somehow they now claim the Democrats are responsible for all the Republican failures? It's ridiculous.
If Americans vote for Republicans, the clear message is that their failures and abdication of responsibility are just fine. If I were a Republican, more than ever would I vote for Obama. I would want to send my party a message: shape up!
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