New bill would restrict Fannie Mae and Freddie Mac from lobbying

New bill would restrict Fannie Mae and Freddie Mac from lobbying
© Greg Nash

Rep. Nydia Velázquez (D-N.Y.) announced legislation to restrict government-sponsored mortgage giants Fannie Mae and Freddie Mac from having a lobbying arm. 

The Fannie Mae and Freddie Mac Lobbying Regulation Act was introduced with Rep. Bill FosterGeorge (Bill) William FosterMass shootings have hit 158 House districts so far this year EPA head dodges questions about environmental action against San Francisco House Democrats blur lines on support for impeachment MORE (D-Ill.) and two Republicans, Reps. Barry Loudermilk of Georgia and Trey HollingsworthJoseph (Trey) Albert HollingsworthOvernight Defense: House votes to block Trump arms sales to Saudis, setting up likely veto | US officially kicks Turkey out of F-35 program | Pentagon sending 2,100 more troops to border House votes to block Trump's Saudi arms sale The 27 Republicans who voted with Democrats to block Trump from taking military action against Iran MORE of Indiana.

After the 2008 housing market crisis, the Federal Housing Finance Administration banned the two entities from lobbying, but exact the provisions and specific restrictions of the ban remain unclear.

Senior Fannie Mae and Freddie Mac officials have reportedly been pushing legislation to take control of the companies away from the federal government.

“It’s been over a decade since Congress placed Fannie and Freddie into conservatorship. I am deeply distressed to learn of acts by senior Fannie and Freddie officials trying to influence and control management of the agencies,” Velázquez in the release. “Congress is the only authority equipped to make decisions on the future of Fannie and Freddie.” 

Presidential hopeful Sen. Elizabeth WarrenElizabeth Ann WarrenSupport drops for Medicare for All but increases for public option Hillicon Valley: Warren takes on Facebook over political ads | Zuckerberg defends meetings with conservatives | Civil liberties groups sound alarm over online extremism bill Feehery: Trump may be down, but he's not out yet MORE (D-Mass.) also introduced a bill this month to cap the pay of top executives at the companies after reports found that some were paid millions through a loophole while others are subject to a congressionally-mandated pay cap.