It's about time - Democrats talk back on banking reform

[proud2BlibKansan]

Stop the bailouts smokescreen


By REP. DENNIS MOORE & REP. MELISSA BEAN


In 2005, we and every Democrat on the House Financial Services Committee voted with Republican Chairman Mike Oxley and all but five Republicans to create a regulator that would oversee the mortgage giants of Fannie Mae and Freddie Mac – government-sponsored entities, or GSEs.

Democrats knew then, as now, that GSEs need greater oversight. We were proud to vote with Republican colleagues for reform.

In 2007, after Democrats won a majority in Congress, the new Financial Services Committee chairman made GSE reform a priority. In just five months, Rep. Barney Frank (D-Mass.) brought Democrats and Republicans together and passed a strong reform bill.

We feel compelled to remind our colleague, Ranking Member Spencer Bachus, of these facts in light of his April 26 Opinion piece, which. like other attempts to rewrite history, blames Democrats for the collapse of the economy, the housing market and, of course, Fannie and Freddie.

Read more: http://www.politico.com/news/stories/0510/36694.html#ixzz0n0dtqcqF