“50 Days, 50 Ways” Holds Fannie and Freddie Accountable
(Keene) Republican Grant Bosse today proposed two key reforms that would save taxpayers more than $2 billion a year, and improve the performance of Government Sponsored Enterprises such as Fannie Mae and Freddie Mac. These two institutions, along with Farmer Mac and the Federal Home Loan Bank System, operate as private for-profit businesses when times are good, but often hit taxpayers for costly bailouts when they are managed poorly.
“Fannie Mae helped fuel the housing bubble and the mortgage crisis. It bought risky loans from local banks, encouraging banks to make even riskier loans,” Bosse said. “It’s time we let taxpayers off the hook for the bad decisions of GSE’s.”
Bosse would require all four GSE’s to register with the Security and Exchange Commission and pay the same fees as their private sector rivals. These latest proposals are the 48th and 49th of his innovative “50 Days, 50 Ways to Cut Federal Spending” Initiative, and bring the total amount of taxpayer savings proposed to $29.9 billion a year.
“When I launched this effort seven weeks ago, I promised at least $20 billion in savings. By Election Day on Tuesday, we’ll pass $30 billion,” Bosse added. “That’s $30 billion more than any of my Republican opponents are offering, and a great start towards balancing our federal budget once and for all.”
To date, Bosse has proposed more than $29.9 billion in taxpayer savings by eliminating unnecessary federal programs. Bosse's opponents have combined to offer $0 in taxpayer savings during the campaign. To learn more about Bosse’s aggressive grassroots campaign, go to www.Bosse2008.com.