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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 FosterRepublicans seek vindication amid reemergence of Wuhan lab theory Overnight Health Care: White House pushes for independent investigation on COVID-19 origins | Former Trump FDA chief cites growing circumstantial evidence on lab theory | US advises against traveling to Japan ahead of Olympics COVID-19 Wuhan lab theory gets more serious look MORE (D-Ill.) and two Republicans, Reps. Barry Loudermilk of Georgia and Trey HollingsworthJoseph (Trey) Albert HollingsworthGOP gambles with Pelosi in opposing Jan. 6 commission The Hill's Morning Report - Presented by Facebook - Senate path uncertain after House approves Jan. 6 panel Hillicon Valley: Twitter flags Trump campaign tweet of Biden clip as manipulated media | Democrats demand in-person election security briefings resume | Proposed rules to protect power grid raise concerns 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.

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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 WarrenMark Cuban: ProPublica 'not being honest' about taxes on wealthy On The Money: Bipartisan Senate group rules out tax hikes on infrastructure | New report reignites push for wealth tax New report reignites push for wealth tax 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.