McCain’s attempt to fix Fannie Mae, Freddie Mac in 2005
With the financial sector in turmoil today, the media and the politicians have started throwing around blame with the same recklessness as lenders threw around credit to create the problem. Politically, the pertinent question is this: Which candidate foresaw the credit crisis and tried to do something about it? As it turns out, John McCain did — and partnered with three other Senate Republicans to reform the government’s involvement in lending three years ago, after an attempt by the Bush administration died in Congress two years earlier. McCain spoke forcefully on May 25, 2006, on behalf of the Federal Housing Enterprise Regulatory Reform Act of 2005 (via Beltway Snark):
Interesting article but a little bizarre with the facts.
This Republican MAJORITY Committee which has 20 members was proposed by Chuck Hagel, not McCain. And Sen. Paul S. Sarbanes (D-Md.), was the Ranking Minority Member when this bill was introduced January 26, 2005, not Chris Dodd.
Further, the Senate Banking Committee has neither McCain nor Obama as members.
Considering McCain has flatly stated he has no real knowledge of Economics, we have to wonder just for whom he was speaking and who wrote his comments.
The 109th Congress Senate Banking, Housing and Urban Affairs Committee [2004-2005 session]
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