Rep. Cook Votes to Make Fannie Mae and Freddie Mac More Transparent
WASHINGTON – Today, Rep. Paul Cook (R-Apple Valley) voted for HR 1694, the “Fannie and Freddie Open Records Act.” The bill passed the House unanimously.
Supervised by the Federal Housing Finance Agency, Fannie Mae and Freddie Mac perform an important role in the nation’s housing finance system, providing liquidity, stability, and affordability to the mortgage market, and they provide access of capital to the thousands of banks, savings and loans, and mortgage companies that make loans to finance housing.
Fannie Mae and Freddie Mac are United States government-sponsored enterprises and yet have not been subject to the accountability or transparency requirements taxpayers deserve. This legislation applies Freedom of Information Act (FOIA) requirements to Fannie and Freddie, providing the American people the opportunity to see how their tax dollars are being spent.
Rep. Cook said, “It’s important that we provide stability in the mortgage industry, ensuring that there is capital available for home buyers. We also need to avoid another financial crisis, and we can do that by shedding light on their operations. Subjecting Freddie Mac and Fannie Mae to the Freedom of Information Act is long overdue, and I support it wholeheartedly.”
A member of the House Natural Resources, Armed Services, and Foreign Affairs Committees, Cook served as an infantry officer and retired after 26 years as a Colonel in the U.S. Marine Corps. During his time in combat, he was awarded the Bronze Star and two Purple Hearts.