Sen. John McCain, R-Ariz., will offer an amendment to the financial services regulatory reform bill that weans Fannie Mae and Freddie Mac off government support over a five-year period.

The amendment is modeled after a GSE bill crafted by Rep. Jeb Hensarling, R-Tex. Republican senators Richard Shelby (Ala.), Judd Gregg, (N.H.) and others are expected to support the amendment.

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