BONO MACK BILL BANS FANNIE MAE / FREDDIE MAC LOBBYING
California Political Desk
October 07, 2008
Washington, D.C. - U.S. Congresswoman Mary Bono Mack (CA-45) introduced legislation (H.R. 7254) to ban government-sponsored enterprises (GSEs), including Fannie Mae and Freddie Mac, now government-controlled entities, from lobbying Congress and giving campaign contributions.
American taxpayers shouldn´t have to pay for political contributions and million-dollar lobbying campaigns," said Bono Mack. "Fannie and Freddie used taxpayer guarantees to amass tremendous wealth and assert their lobbying influence on Capitol Hill while failing millions of American homeowners. Companies like these should be held accountable to the same rules that apply to other government entities.
We have a lot of work ahead of us to reform these sectors. This legislation is a small but practical step in the right direction. I am proud to introduce a bill that will put us on track to better protecting American taxpayers and ensuring that their hard-earned money is spent responsibly."
Bono Mack notes that in the past 10 years, Fannie and Freddie spent over $174 million, putting these two government-sponsored enterprises among the Top 20 for lobbying dollars for the decade, according to the Center for Responsive Politics. Additionally, National Public Radio reported that Fannie and Freddie spent over $3.5 million on lobbying in the first three months of the year alone and hired 42 outside firms.
American taxpayers shouldn´t have to pay for political contributions and million-dollar lobbying campaigns," said Bono Mack. "Fannie and Freddie used taxpayer guarantees to amass tremendous wealth and assert their lobbying influence on Capitol Hill while failing millions of American homeowners. Companies like these should be held accountable to the same rules that apply to other government entities.
We have a lot of work ahead of us to reform these sectors. This legislation is a small but practical step in the right direction. I am proud to introduce a bill that will put us on track to better protecting American taxpayers and ensuring that their hard-earned money is spent responsibly."
Bono Mack notes that in the past 10 years, Fannie and Freddie spent over $174 million, putting these two government-sponsored enterprises among the Top 20 for lobbying dollars for the decade, according to the Center for Responsive Politics. Additionally, National Public Radio reported that Fannie and Freddie spent over $3.5 million on lobbying in the first three months of the year alone and hired 42 outside firms.
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