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 FosterNew bill would restrict Fannie Mae and Freddie Mac from lobbying Pelosi joins other Dem leaders in support of Chicago Symphony Orchestra strikers This week: Shutdown showdown looms over new Congress MORE (D-Ill.) and two Republicans, Reps. Barry Loudermilk of Georgia and Trey HollingsworthJoseph (Trey) Albert HollingsworthOvernight Defense: House passes T spending package with defense funds | Senate set to vote on blocking Saudi arms sales | UN nominee defends climate change record Overnight Defense: House passes T spending package with defense funds | Senate set to vote on blocking Saudi arms sales | UN nominee defends climate change record House passes amendment to block funding for transgender troops ban 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 WarrenSanders denies tweet about corporate Democrats was dig at Warren Sanders denies tweet about corporate Democrats was dig at Warren Warren: 'On Juneteenth and every day: Black lives matter' 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.