Frank Statement Correcting the Record

Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA), today released the following statement in response to Rep. Scott Garrett’s (R-NJ) misleading remarks regarding amendments in 2005 to strengthen the regulation of Fannie Mae and Freddie Mac:

            “Rep. Scott Garrett alleged today at the House Financial Services Committee hearing that Democrats had blocked amendments in 2005 to toughen the regulations of Fannie Mae and Freddie Mac.  The record refutes this.  Neither in committee nor on the floor was any amendment defeated which received a majority of Republican votes.  The Republican leadership only allowed two amendments to address the regulatory structure of the GSEs, and neither amendment received a majority of Republican votes and was defeated by substantial majorities.  Mr. Garrett himself offered two amendments, the first was defeated by 358-57, including a majority of Republicans and the second amendment was withdrawn.”

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