Transcript: Statements by Rep. Michele Bachmann on government conservatorship of Fannie Mae & Freddie Mac
Edited by Jenny Jiang
Partial transcript of opening remarks by Rep. Michele Bachmann (R-Minn.) on the government conservatorship of Fannie Mae and Freddie Mac. The House Committee on Financial Services Hearing was held on March 19, 2013:
…One thing that we’ve learned about the GSE policies is that millions of Americans have been victims of these policies. They’ve lost collectively billions of dollars worth of assets. The people who have suffered more than any are those at the bottom end of the economic scale, particularly the African-American community. They’ve suffered from these policies.
And when, as Mr. Neugebauer said, we see that over 90% of the mortgages have a nexus to government involvement, this doesn’t even pass the falling off the chair laughing test to think that somehow a public-private partnership. It’s not. This is the federal government; it’s been a failure.
When are we going to realize that government has been a very lousy steward of people’s money and, also at the same time, disadvantaged a lot of people with a lot of well-meaning programs.
What we need to do is pay back the taxpayers who funded this bailout, get them out of guaranteeing the GSEs and change our standards.