Saturday, June 5, 2010

McCarthy: time to reform Freddie Mac and Fannie Mae

Rep. Kevin McCarthy (R-Bakersfield) presents his weekly report from Capitol Hill. In his words:

 "Congress is not in session this week, so I was pleased to be home and hear from neighbors about what is happening nationally, regionally, and locally. One of the best ways to do this is to hold a traditional
town hall meeting where everyone can come together and engage in a conversation sharing ideas and concerns. This week, I held an ‘America Speaking Out’ town hall where a good crowd joined me to discuss the issues they want this Congress to address. 

 Topics ranged from the need to address our national debt, national security concerns, illegal immigration, and energy policy. I was pleased that that we had a robust discussion and that the discussions remained respectful and productive.

  "Thank you to everyone who came to the town hall, and for those of you who were not able to, you can join the discussion and offer your ideas by visiting my website or join the national discussion at
  "Leading the field by a significant margin this week on YouCut’s electronic chopping block is reforming Fannie Mae and Freddie Mac. Both are government sponsored entities that back private mortgages, and in the last year and a half, they have received a combined $145 billion in tax payer funding.  To date Congress has not considered a plan to revise their practices and recoup the taxpayer funds. This news comes as no surprise, but is important, as the Congressional Budget Office recently reported that taking action to make these companies more accountable (by ending their government conservatorship, shrinking their portfolios, establishing minimum capital standards, and bringing transparency to taxpayer exposure) could generate savings of up to an estimated $30 billion. If you want to participate in this vote go to:

  "College students continue to start their internships in both the Washington D.C. and Bakersfield offices.  Starting in my Washington office this week is Jordan Goh, a BHS graduate and junior at USC working on a degree in international relations. Also beginning their internships in the Bakersfield office are Megan Dunphy and Matt Heidrick. Megan is also a BHS graduate and a junior at Toronto University studying international relations and peace and conflict studies.  Matt is a graduate of Stockdale and a current double major
in history and political science at the University of Nebraska-Lincoln. I welcome all the new interns, and look forward to updating you as new ones arrive.

  "Next week Congress will be back in session.  I hope to see your ideas on  Have a good week."

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