Monday, September 22, 2014 2:11:10 PM
Congress should put the screws to the Treasury Department to disclose all documents pertaining to the origins of the Obama administration’s controversial “net-worth sweep” of Fannie Mae and Freddie Mac profits, according to a coalition of right-leaning public policy groups.
In a recent letter dispatched to the top Republicans and Democrats of the House Financial Services Oversight and Investigations Subcommittee, the 17 groups led by the Competitive Enterprise Institute urged lawmakers to intervene to impose transparency over what GSE shareholders consider an extra-legal maneuver by the executive branch.
Specifically, the letter asks the subcommittee to demand that the Treasury turn over to the committee, or make public, any and all documents which could shed light on “the alleged need for and legal rationale justifying the Third Amendment, as well as all documents detailing the amendment’s development and evolution, such as those customarily contained in the administrative docket for agency rulemaking.”
In August 2012, Treasury altered the terms of the federal government’s conservatorship over Fannie and Freddie. This Third Amendment to the Senior Preferred Stock Purchase Agreements requires both GSEs to initiate a net-worth sweep of nearly all company profits to the Treasury.
In the last quarter, for instance, Fannie and Freddie posted combined net earnings of $5.1 billion – most of which was swept into the Treasury. For more on the story, see the new edition of Inside The GSEs.
FEATURED Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM
North Bay Resources Announces Mt. Vernon Gold Mine Bulk Sample, Sierra County, California • NBRI • Sep 11, 2024 9:15 AM
One World Products Issues Shareholder Update Letter • OWPC • Sep 11, 2024 7:27 AM
Kona Gold Beverage Inc. Reports $1.225 Million in Revenue and $133,000 Net Profit for the Quarter • KGKG • Sep 10, 2024 1:30 PM