McCain did NOT try to "regulate" Fannie Mae/Freddie Mac as he has claimed.

These are simply more McCain LIES. He cosponsored a DEAD BILL.


Check the record for yourself or read on. More than two years ago, McCain BELATEDLY "cosponsored" a "dead" bill on Freddie Mae / Fannie Mae regulation. He then did nothing to revive this bill or bring it back up for consideration by the Senate.

S.190 - A bill to address the regulation of secondary mortgage market enterprises, and for other purposes.

Sponsor: Sen Hagel, Chuck [NE] (introduced 1/26/2005)
Latest Major Action: 7/28/2005 Senate committee/subcommittee actions.

COSPONSORS(3)
Sen Dole, Elizabeth [NC] - 1/26/2005
Sen Sununu, John E. [NH] - 1/26/2005
...time passes...
7/28/2005 (the date of this bill's LAST activity)
Sen McCain, John [AZ] - 5/25/2006 <---- (ten months later!)

10 MONTHS after anyone touched the bill, McCain blew the dust off it and "cosponsored" it if you want to call it that. He didn't do anything to push it forward, and the bill never saw any more action in the Senate. McCain co-sponsored a DEAD BILL and is just using this for "political cover".

That seems to demonstrate a serious lack of leadership. It also continues the pattern of McCain stretching the truth, distorting the facts and outright lying to get elected. McCain has not supported regulating the housing market. That's a lie. Rick Davis, McCain campaign manager, was getting $15,000 per month for his company that lobbys against regulating Freddie Mac / Fannie Mae until they were taken over by the government just recently.

REAL JOURNALISTS NEED TO DO THEIR DAMNED JOBS AND EXPLODE THIS MYTH.

Google the string "RICK DAVIS MCCAIN CAMPAIGN MANAGER FANNIE MAE" in case you missed this hypocrisy.

IMPORTANT: Click on the "Learn More" button to visit http://thomas.loc.gov. Once on that site click on the "Bill Summary & Status" link and then click the "Cosponsors" link to see for yourself.


Here are more detailed information and comments about this supposed support for regulation by Senator McCain...

SEC. 205. EXCLUSION FROM CERTAIN SECURITIES REPORTING REQUIREMENTS.

(a) IN GENERAL- The Federal Home Loan Banks shall be exempt from compliance with--

(1) sections 13(e), 14(a), 14(c), and 17A of the Securities Exchange Act of 1934, and related Commission regulations; and

(2) section 15 of the Securities Exchange Act of 1934, and related Commission regulations, with respect to transactions in the capital stock of a Federal Home Loan Bank.

These are the facts:

1) The bill was an attempt to privatize regulatory agencies. Hence, Democratic resistance to it. Hence, even Republicans voting against it.

2) The bill did nothing to address fraud and tighten oversight. Hence, Democratic resistance to it. Hence, even Republicans voting against it. [Answer submitted on Oct 1, 2008 11:52 AM]

http://www.govtrack.us/users/questions.xpd?topic=bill:s109-190