U.S. Senator Bob Corker, a member of the Senate Banking Committee, Thursday released the following statement on the administration’s proposal to wind down government-sponsored enterprises Fannie Mae and Freddie Mac. The proposal was included in a plan released Thursday by the administration to reform and reorganize the federal government.
“It is long past time to end the failed model of private gains and public losses, and I agree with the administration that creating competition is a critical step as we work to shrink Fannie and Freddie and put an end to ‘too big to fail’ mortgage companies,” said Senator Corker.
“The framework unveiled today by Director Mulvaney is the right one and closely resembles the approach we laid out in recent legislative drafts developed on a bipartisan basis in the Senate. I am hopeful the reorganization plan will help continue to grow support for the need to address the last unfinished business of the financial crisis.”