In a turn of events, U.S. Rep. Richard Baker (R., La.), sponsor of a bill to dramatically overhaul the regulation of Fannie Mae, Freddie Mac and the Federal Home Loan Bank System, said that he intends to go forward with his legislation this year. A vote could be possible this fall.
"Congress will be asked to make a decision," he said at a conference sponsored by the American Enterprise Institute for Public Policy Research last Tuesday. This announcement comes one week after a hearing in which members of the House Capital Markets Subcommittee told Baker that they did not want this legislation to be voted on during this Congressional session.