Majority Leader Frist: Senate “Unlikely” to Move GSE Legislation This Year
Senate Majority Leader Bill Frist said today it’s unlikely the Senate will take up legislation (S. 190), which would overhaul the oversight of Government-Sponsored Enterprises (GSE) such as Fannie Mae and Freddie Mac. Such legislation is relevant to the nonprofit sector because a companion bill (H.R. 1461) that passed the House in October contains very strong “anti-advocacy” provisions restricting the speech and lobbying rights of nonprofits receiving federal funds. Although S. 190 doesn’t contain such language, it’s possible the "anti-advocacy" provisions could be added to the bill on the Senate floor or, if not, simply survive conference when the Senate and House reconcile their bills.
According to Congress Daily PM, “Majority Leader Frist said... ‘Unless it comes up by unanimous consent, which we don't have yet, it is unlikely we'll be able to address it in the four weeks’ that the Senate is in session in September." The articles goes on to explain, "Congressional leaders intend to be in session only the four weeks in September before adjourning for the elections, although a lame-duck session is expected beginning in November. The Senate Banking Committee approved its GSE bill more than a year ago, but it has been stalled on the calendar. The GSE bill would likely reduce Fannie and Freddie's holdings of mortgages and mortgage-backed securities, which represent a major source of their profits. Democrats oppose the measure, contending that it could disrupt the mortgage market and spark volatility through the housing sector."
Despite Majority Leader Frist’s comments today, a handful of leading Republican Senators are still pushing hard for Senate approval of S. 190 this year, citing recent accounting scandals at Fannie and Freddie as one reason why the legislation is so urgently needed. If these Senators are able to reach a compromise with Dthe emocrats, it's possible S. 190 could move in September or in a lame-duck session.
For more information on the House-passed “anti-advocacy” provisions contained in H.R. 1461, visit the GSE Resource Center.
According to Congress Daily PM, “Majority Leader Frist said... ‘Unless it comes up by unanimous consent, which we don't have yet, it is unlikely we'll be able to address it in the four weeks’ that the Senate is in session in September." The articles goes on to explain, "Congressional leaders intend to be in session only the four weeks in September before adjourning for the elections, although a lame-duck session is expected beginning in November. The Senate Banking Committee approved its GSE bill more than a year ago, but it has been stalled on the calendar. The GSE bill would likely reduce Fannie and Freddie's holdings of mortgages and mortgage-backed securities, which represent a major source of their profits. Democrats oppose the measure, contending that it could disrupt the mortgage market and spark volatility through the housing sector."
Despite Majority Leader Frist’s comments today, a handful of leading Republican Senators are still pushing hard for Senate approval of S. 190 this year, citing recent accounting scandals at Fannie and Freddie as one reason why the legislation is so urgently needed. If these Senators are able to reach a compromise with Dthe emocrats, it's possible S. 190 could move in September or in a lame-duck session.
For more information on the House-passed “anti-advocacy” provisions contained in H.R. 1461, visit the GSE Resource Center.
<< Home