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White House Misses Deadline on Freddie Mac, Fannie Mae Report



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The Obama administration failed to release a report today on how Freddie Mac and Fannie Mae could be reformed, despite being required to do so by the Dodd-Frank law passed last summer.

Rep. Jeb Hensarling (R., Texas), who chairs the House Republican Conference, said in a statement that the White House’s failure to meet the deadline made it “crystal clear that the President is not serious about reforming Fannie Mae and Freddie Mac.”

“The Obama Administration’s repeated inability to propose a plan to reform Fannie Mae and Freddie Mac calls into question their commitment to taxpayer protection and their ability to effectively govern on this issue,” Hensarling added. “After more than $150 billion in Fannie and Freddie bailouts, we can no longer afford to allow the Administration to kick the can down the road.”

Financial Services Committee chairman Spencer Baucus (R., Ala.) also criticized the administration, saying in a statement that “the Democrats always offer an excuse for not meeting deadlines, even those they themselves impose.”

Baucus, who will be holding hearings on GSE reform in the upcoming weeks, stated that “GSE reform is a top priority for Republicans in this Congress.”

A Treasury Department spokesman told Dow Jones Newswires that the administration hoped to release a report in February.



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