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    LIE


    Congressional Democrats, led by Rep. Barney Frank, opposed strengthening oversight over Fannie Mae and Freddie Mac

    TRUTH

    Democrats in Congress repeatedly introduced legislation to regulate Fannie Mae and Freddie


    In early 2007, as chairman of the House Financial Services Committee, Frank sponsored H.R. 1427, a bill to create the Federal Housing Finance Agency (FHFA), granting that agency "general supervisory and regulatory authority over" Fannie Mae and Freddie Mac, and directing it to reform the companies' business practices and regulate their exposure to credit and market risk. Among other things, Frank's legislation directed the FHFA director to "ensure" that Fannie Mae and Freddie Mac operate “in a safe and sound manner, including maintenance of adequate capital and internal controls" and to establish standards for "management of credit and counterparty risk" and "management of market risk." The FHFA was eventually created after Congress incorporated provisions that House Speaker Nancy Pelosi (D-CA) said were "similar" to those of H.R. 1427 into the Housing and Economic Recovery Act of 2008, which President Bush signed into law.

    Citations:

    1-http://thomas.loc.gov/cgi-bin/bdquery/z?d110:h.r.01427:

    2-http://www.gpo.gov/fdsys/pkg/BILLS-110hr1427ih/pdf/BILLS-110hr1427ih.pdf#page=13

    3-http://www.gpo.gov/fdsys/pkg/BILLS-110hr1427ih/pdf/BILLS-110hr1427ih.pdf#page=16

    4-http://www.gpo.gov/fdsys/pkg/BILLS-110hr3221enr/pdf/BILLS-110hr3221enr.pdf

    5-http://www.gpo.gov/fdsys/pkg/CREC-2008-07-23/pdf/CREC-2008-07-23-pt1-PgH6854-2.pdf#page=150

    6-http://www.gpo.gov/fdsys/pkg/CREC-2008-07-23/pdf/CREC-2008-07-23-pt1-PgH6854-2.pdf#page=151

    7-http://thomas.loc.gov/cgi-bin/bdquery/z?d110:HR03221:@@@R