Crapo Fannie/Freddie Financial Reform Amendment Falls

An amendment offered by Senator Mike Crapo (R-ID) to the Restoring American Financial Stability Act (S. 3217) has been defeated by a vote of 47-46.  The vote actually occurred on a motion to waive a budget point of order raised against the amendment by Senate Banking Committee Chairman Chris Dodd (D-CT).  Sixty votes were needed to adopt the motion.

Among other things, it would require that Fannie Mae and Freddie Mac expenses, debt, etc. be “counted as new budget authority, outlays, receipts, or deficit or surplus for purposes of—”

  1. the Budget of the United States Government as submitted by the President;
  2. the congressional budget;
  3. the Statutory Pay-As-You-Go Act of 2010; and
  4. the Balanced Budget and Emergency Deficit Control Act of 1985 (or any successor statute).

Read the full amendment here.

(credit image – getty)

1 Comment

Filed under Banks, Fannie and Freddie, Wall Street

One response to “Crapo Fannie/Freddie Financial Reform Amendment Falls

  1. spoutinghorn

    (FROM 1999) NY Times: Fannie Mae Eases Credit To Aid Mortgage Lending –

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