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MI SR0085
Resolution
AI Summary
- Calls on Congress to regulate Fannie Mae and Freddie Mac with regulations that parallel those governing other financial institutions
- Notes that Fannie Mae and Freddie Mac own or guarantee approximately half of U.S. mortgage debt and were major contributors to the 2008 financial crisis
- States that over $150 billion in taxpayer funds have been used to bail out these entities, with estimates of an additional $68 billion to $210 billion required in coming years
- Argues that federal financial reforms did not apply to Fannie Mae and Freddie Mac, and that similar regulations are needed to prevent future crises and protect taxpayers
- Directs copies of the resolution be sent to the President of the U.S. Senate, Speaker of the House, and Michigan's congressional delegation
Legislative Description
A resolution to memorialize the Congress of the United States to ensure that Fannie Mae and Freddie Mac are regulated in a manner that parallels the regulations governing other financial institutions.
Finance
Last Action
Placed On Order Of Resolutions
2/21/2012
Committee Referrals
Banking & Financial Institutions10/6/2011
Full Bill Text
No bill text available