[Congressional Record (Bound Edition), Volume 155 (2009), Part 23]
[House]
[Pages 31007-31008]
[From the U.S. Government Publishing Office, www.gpo.gov]




                     AMERICA, YOU MUST TAKE NOTICE

  (Mrs. EMERSON asked and was given permission to address the House for 
1 minute and to revise and extend her remarks.)

[[Page 31008]]


  Mrs. EMERSON. Mr. Speaker, Fannie Mae and Freddie Mac send chills 
down the spine of Federal regulators, but the financial regulation bill 
before the House this week ignores those and other government-sponsored 
enterprises, the institutions at the heart of the worst financial 
crisis in modern American history.
  The crisis was explosive, more than a decade in the making. During 
the slow lead-up to the crash, Fannie and Freddie guaranteed that a 
national subprime lending problem would seep into every other financial 
sector of our economy. The GSEs ignored their public responsibility to 
assure a stable U.S. market for lending. So if that's the case, then 
why is this bill silent on their misdeeds and the perverse incentives 
that drove our country to the brink of financial disaster?
  As the government gets bigger, this bill requires government to 
regulate everything but itself. As of October 31, Fannie Mae held $771 
billion in its gross mortgage portfolio, and another $2.8 trillion in 
mortgage-backed securities and other guarantees. Their omission from 
this bill is glaring. It's irresponsible to exempt GSEs from this 
legislation.
  America, you must take notice.

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