Obama's chances to wind down Fannie and Freddie before November slipping away
BY JOSEPH LAWLER | SEPTEMBER 18, 2014 | 5:00 AM
Yet Johnson-Crapo has made no progress in the broader Senate, lacking support from Republicans and Democrats who believe that it doesn't do enough to promote affordable housing and unfairly gives an advantage to big banks.
And it faces grim prospects in the next Congress as well, with Johnson — its namesake — set to retire. The Democrats who could take over the Banking Committee chairmanship, widely thought to be Sen. Sherrod Brown of Ohio or Sen. Chuck Schumer of New York, both voted against Johnson-Crapo.
Johnson's likely Republican successor, Sen. Richard Shelby of Alabama, also voted against the measure. Long a critic of the government-sponsored enterprises before they got into trouble during the financial crisis, he would be expected to pursue a more conservative approach to reform — one that would be just as likely to fail to gain traction in a divided Senate.