During consideration of a bill to overhaul the regulation of government-sponsored enterprises, Rep. Ron Paul (R-Texas) offered this amendment to “eliminate the ability of Fannie Mae, Freddie Mac and the Federal Home Loan Bank Board to borrow from the Treasury.” During floor debate on his amendment, Paul stated, “I hope my colleagues join me in protecting taxpayers from having to bail out Fannie Mae and Freddie Mac when the housing bubble bursts.”
The House rejected Paul’s amendment on October 26, 2005 by a vote of 47-371 (Roll Call 544). We have assigned pluses to the yeas because Paul’s amendment would (in Paul’s words) seek to end a “massive unconstitutional and immoral” transfer of income from working Americans to government-sponsored enterprises.
