Why Didn't Obama Vote FOR S. 190 [109th]: Federal Housing

OBAMA VOTED AGAINST THIS BILL. IF IT WOULD OF PASSED BY THE DEMOCRATS WE WOULD NOT BE IN THIS BAIL OUT MESS TODAY



Why Didn't Obama Vote FOR S. 190 [109th]: Federal Housing Enterprise Regulatory Reform Act of 2005




Quote:
The bill Senator McCain co-sponsored to avert the sub-prime mortgage mess by regulating Fannie Mae and Freddie Mac. A pity it never made it of committee due to a Democrat party line vote against it, including Obama.

S. 190 [109th]: Federal Housing Enterprise Regulatory Reform Act of 2005
By LibsCanBlowMe - Posted on September 23rd, 2008

Before some dolt tries to blame Republicans for the banking meltdown, look closely at the sponsors and co-sponsors of this bill introduced in 2005 and which NEVER made it to a vote because ht was voted down ACROSS PARTY LINES. And who is the majority in Congress?

S. 190 [109th]: Federal Housing Enterprise Regulatory Reform Act of 2005
A bill to address the regulation of secondary mortgage market enterprises, and for other purposes.


Sponsor: Sen. Charles Hagel [R-NE]
Cosponsors [as of 2007-01-08]
Sen. Elizabeth Dole [R-NC]
Sen. John McCain [R-AZ]
Sen. John Sununu [R-NH]

Status: Introduced Jan 26, 2005
Scheduled for Debate -
Voted on in Senate -
Voted on in House -
Signed by President -

This bill never became law. This bill was proposed in a previous session of Congress. Sessions of Congress last two years, and at the end of each session all proposed bills and resolutions that haven't passed are cleared from the books.
Last Action: Jul 28, 2005: Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.

SUMMARY OF THE BILL
1/26/2005--Introduced.
Federal Housing Enterprise Regulatory Reform Act of 2005 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to establish: (1) in lieu of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development (HUD), an independent Federal Housing Enterprise Regulatory Agency which shall have authority over the Federal Home Loan Bank Finance Corporation, the Federal Home Loan Banks, the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac); and (2) the Federal Housing Enterprise Board.
Sets forth operating, administrative, and regulatory provisions of the Agency, including provisions respecting: (1) assessment authority; (2) authority to limit nonmission-related assets; (3) minimum and critical capital levels; (4) risk-based capital test; (5) capital classifications and undercapitalized enterprises; (6) enforcement actions and penalties; (7) golden parachutes; and (8) reporting.
Amends the Federal Home Loan Bank Act to establish the Federal Home Loan Bank Finance Corporation. Transfers the functions of the Office of Finance of the Federal Home Loan Banks to such Corporation.
Excludes the Federal Home Loan Banks from certain securities reporting requirements.
Abolishes the Federal Housing Finance Board.