Transcript: Statements by Rep. Ed Royce (R-Calif.) on government conservatorship of Fannie Mae & Freddie Mac

Edited by Jenny Jiang

Partial transcript of remarks by Rep. Ed Royce (R-Calif.) on the government conservatorship of Fannie Mae and Freddie Mac. The House Committee on Financial Services Hearing was held on March 19, 2013:

I want to also share with the committee that I think the Director’s taken some bold, courageous steps as both a regulator and a conservator of the GSEs.

But I have to say the same cannot be said of the administration.

Secretaries [Timothy] Geithner and [Shaun] Donovan promised plans – they promised long-term plans, and we have been given only options.

We had a failure of the financial markets; we got a white paper.

We had a failure of the housing finance system; we got a white paper.

A white paper with a choose-your-own adventure response is not what Congress needs and it is not what our markets need.

We need to restore the appropriate role of the private sector in housing finance. We need serious leadership to move us away from a system overly reliant on taxpayers -towards a free-functioning market which accurately – accurately – prices risk.

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