Bill Text: MI SR0085 | 2011-2012 | 96th Legislature | Introduced
Bill Title: A resolution to memorialize the Congress of the United States to ensure that Fannie Mae and Freddie Mac are regulated in a manner that parallels the regulations governing other financial institutions.
Spectrum: Partisan Bill (Republican 13-0)
Status: (Introduced - Dead) 2012-02-21 - Placed On Order Of Resolutions [SR0085 Detail]
Download: Michigan-2011-SR0085-Introduced.html
Senators Caswell, Casperson, Green, Jansen, Brandenburg, Marleau, Colbeck, Proos, Kowall, Booher and Emmons offered the following resolution:
Senate Resolution No. 85.
A resolution to memorialize the Congress of the United States to ensure that Fannie Mae and Freddie Mac are regulated in a manner that parallels the regulations governing other financial institutions.
Whereas, The Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) own or guarantee about half the mortgage debt in the United States. These government-sponsored enterprises and their high-risk practices were a major contributor to the 2008 financial crisis; and
Whereas, More than $150 billion in taxpayer money has been used to bail out Fannie Mae and Freddie Mac. It is estimated that U.S. taxpayers may have to foot the bill for an additional $68 billion to $210 billion in the next few years, by far the largest bailout associated with the 2008 crisis; and
Whereas, Federal reforms passed last year aimed at other financial institutions did not apply to Fannie Mae and Freddie Mac. Major reforms related to risk retention and other practices are needed to avoid future financial crises requiring government bailouts. It is imperative that these institutions be made subject to similar regulations to ensure a level playing field, increase private capital in the housing market, and protect U.S. taxpayers from future losses; now, therefore, be it
Resolved by the Senate, That we memorialize the Congress of the United States to ensure that Fannie Mae and Freddie Mac are regulated in a manner that parallels the regulations governing other financial institutions; and be it further
Resolved, That copies of this resolution be transmitted to the President of the United States Senate, the Speaker of the United States House of Representatives, and the members of the Michigan congressional delegation.
