Garrett Offers More Measures to Reform Fannie and Freddie

Republican Congressman Scott Garrett, an influential member of the House Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, introduced seven bills along with Republican colleagues that could force new regulations on government-owned mortgage behemoths Fannie Mae and Freddie Mac.

The bills aim to prevent the Treasury Department from lowering the 10 percent dividend payment Fannie Mae and Freddie Mac are currently paying to American taxpayers, a move Garrett said in a statement would ensure debts are paid; subject Fannie and Freddie to the Freedom of Information Act, which will enable citizens to gather previously undisclosed information; and also require the two mortgage giants to dump all "non mission-critical assets" to promote accountability.

The series of bills will also set a cap on the amount of money American taxpayers would need to spend on the bailout; ensure that the Government-sponsored entity (GSE) model isn't replicated by a future company; prevent the GSE's employees from having its legal bills be paid for by taxpayers; and eliminate the affordable housing trust fund, which Republican lawmakers called a "special interest slush fund" replete with lobbying and cronyism.

In related financial news, the Republican congressman continued to defend the speed at which Republicans are making reforms to the Dodd-Frank Act, which Democrats say just isn't fast enough.

“There’s been a lot of huffing and puffing by some on the other side of the aisle that Republicans are recklessly dismantling Dodd-Frank," Garrett said of the act that was the largest series of financial reforms in American history, but one that Republicans have said was done haphazardly.

Democrats have charged that the Republicans have been stalling the process as a political move as it advances its goal of booting President Obama from the White House.

Nothing could be further from the truth, Garrett said, and late this week offered a definitive timetable for offering amendments.

"While the Democrat argument completely lacks merit, I will offer an amendment to move the deadline to September 30, 2012 to take their argument off the table and challenge my colleague to vote for this utterly reasonable bill," he wrote in a statement.

Support for Israeli Independence

On the anniversary of Israel's independence 63 years ago, Garrett issued a statement in support of Israel.

The Wantage-based congressman said, "In the days following statehood, many undoubtedly questioned whether Israel could survive as a nation at all, let alone fulfill the vision of its Declaration."

Yet, survive and flourish Israel did. And today, the nation of Israel stands as a beacon of liberty and democracy. And sixty-three years later, the light of that beacon still shines, undimmed."