Wednesday, March 18, 2015

Senators Rally Against Using Fannie, Freddie to Offset Federal Spending

Senators Rally Against Using Fannie, Freddie to Offset Federal Spending

http://themreport.com/news/government/03-17-2015/senators-rally-against-using-fannie-freddie-to-offset-federal-spending

A bipartisan group of Senators have introduced a budget point of order to prevent a government plan that would use funds from Fannie Mae and Freddie Mac to offset federal spending. Led by Senators Mike Crapo (R-Idaho) and Mark Warner (D-Virginia), a group of colleagues from the Senate Banking Committee introduced the bill, S. 752

“Guarantee fees should be used to protect taxpayers from risk, but some want to increase these fees simply to create a piggy bank for Congress,”

The proposed legislation would make a congressionally mandated increase of guarantee fees only to be used for deficit reduction and would not be scored as an offset. It would also continue to require a 60 vote threshold on a provision that spends more or reduces taxes and is offset with a guarantee fee increased because the fee would not be recognized as an offset.
The bill is co-sponsored by Senators Richard Shelby (R-Alabama), Jon Tester (D-Montana), Bob Corker (R-Tennessee), Heidi Heitkamp (D-North Dakota), David Vitter (R-Louisiana), Joe Donnelly (D-Indiana), Mark Kirk (R-Illinois), Dean Heller (R-Nevada), Tim Scott (R-South Carolina) and Jerry Moran (R-Kansas).

Official Titles as Introduced:

A bill to establish a scorekeeping rule to ensure that increases in guarantee fees of Fannie Mae and Freddie Mac shall not be used to offset provisions that increase the deficit.

No comments:

Post a Comment

leave a reply: