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Additionally, as Media Matters for America has documented, Frank has supported efforts to strengthen oversight of Fannie and Freddie, including:
- In 2005, Frank, then the ranking Democrat on the House Financial Services Committee, worked with committee chairman Rep. Michael Oxley (R-OH) on the Federal Housing Finance Reform Act of 2005, which would have established the Federal Housing Finance Agency (FHFA) to replace the Office of Federal Housing Enterprise Oversight (OFHEO) as overseer of the activities of Fannie Mae and Freddie Mac. After voting for the bill in committee, Frank voted against final passage of the bill on the House floor, stating that he was doing so because an amendment to the bill on the House floor imposed restrictions on the kinds of nonprofit organizations that could receive funding under the bill.
Indeed, in his profile, Toobin wrote:
- In early 2007, as chairman of the House Financial Services Committee, Frank sponsored H.R. 1427, a bill to create the FHFA, granting that agency "general supervisory and regulatory authority over" Fannie Mae and Freddie Mac, and directing it to reform the companies' business practices and regulate their exposure to credit and market risk. Among other things, Frank's legislation, titled the "Federal Housing Finance Reform Act of 2007," directed the FHFA director to "ensure" that Fannie Mae and Freddie Mac "operate[] in a safe and sound manner, including maintenance of adequate capital and internal controls" and to establish standards for "management of credit and counterparty risk" and "management of market risk." The FHFA was eventually created after Congress incorporated provisions that House Speaker Nancy Pelosi (D-CA) said were "similar" to those of H.R. 1427 into the Housing and Economic Recovery Act of 2008, which the president signed into law on July 30, 2008.
In 2005, while the Democrats were still in the minority, Frank contributed to a bipartisan effort to put his objectives -- tighter regulation of Fannie and Freddie and new funds for rental housing -- into law. At the time, Fannie and Freddie were regulated by a small agency within the Department of Housing and Urban Development; the bill proposed to create an independent agency to monitor their operations. Frank and Michael Oxley, who was then chairman of the Financial Services Committee, achieved broad bipartisan support for the bill in the committee, and it passed the House. But the Senate never voted on the measure, in part because President Bush was likely to veto it. "If it had passed, that would have been one of the ways we could have reined in the bowling ball going downhill called housing," Oxley told me. "Barney, to some extent, is misunderstood -- with this image of him as a fierce partisan. He is an institutionalist. He believes in the House and in the process. He eschews the grandstanding style that so many members use and prefers to work behind the scenes and get something done."Limbaugh falsely asserted "Banking Queen" Barney Frank "created" subprime mortgage crisis | Media Matters for America
The facts vs the out of context arguments of right wing dolts and their handmaidens.
some things need repeating...
The facts vs the out of context arguments of right wing dolts and their handmaidens.
some things need repeating...
This Obamarrhoidal LIEberrhoid Dante (Dem from Hell) is REALLY a demented fool.............none of us bother to read the PREDICTABLY ESTABLISHED DISTORTIONS & OUTRIGHT LIES !!!!!
THIS IDIOT REALLY EXPECTS RESPONSES FROM ANTI-LIEBERRHOIDS ON PREDICTABLE BULLSHIT FROM "MEDIA MATERS" that will be anything but DEROGATORY...."IF" we deign to read it !!!!!
I think I have finally figured out liberals--I had one over for dinner last night--whom I have known for quite some time--and he was an employee of our for many years. He started the "Booosh" thing again--and I hit him with fact after fact--even showing him links on the internet. He just wouldn't accept it. I showed him these video's on this thread--and he just wouldn't believe it. Everything was Booosh's fault--that's all he could say. I finally asked well do you have ANYTHING what-so-ever that would show me some evidence that everything was BOOSH'S fault. This after discussing the recent oil leak in the Gulf--and I mean anything and everything from A to Z it was always Boosh's fault. Then finally he said to me--"I don't want to argue anymore" because he was obviously loosing the argument. But the coop degra for me--was when he stated he voted for someone locally in the primary. I then asked him if he was a registered democrat--he said yes--and then I pointed out it was impossible for him to vote for this one person because he was only on the republican primary ballot---LOL. This embarrassed him so bad--that he clambed up the rest of the night--and wouldn't comment on politics anymore. It was more than clear to me that he hated Boooosh so bad--that he had absolutely no information nor wanted any on what has happened to this economy and how--and then to try and finally impress me--he had to actually lie about someone he could have not possibly voted for.
Unfortunately alot of liberals IGNORE truth to stand by their partisan politics.
The SAD thing--they vote.
Democrat = Lier. They say anything to get someone to vote for whoever promises them a handout. It is funny how when prices, taxes, fees go up on them & the government gives them a small portion of that increase back they really think they made out with something. 
