Volume 10 - Number 29
February 10, 2012
House GOP Bill Would Put GSEs on Federal Budget
Fannie Mae and Freddie Mac’s debt issuance would be accounted for in the calculation of the federal debt under legislation passed by House Republicans this week.
Members approved H.R. 3581, the Budget and Accounting Transparency Act of 2012, sponsored by Rep. Scott Garrett, R-NJ, by a 239 to 181 vote. Garrett’s bill is part of a comprehensive package of 10 reform bills House GOP members are pushing to enforce spending controls and oversight of federal spending.
“Off-budget liabilities such as government-sponsored enterprises Fannie Mae and Freddie Mac threaten any progress we make towards deficit and debt reduction,” said Garrett, who is vice chairman of the Budget Committee, as well as chairman of the House Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises.
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