Fannie Mae-No Politics (FNMA)

[Robert from yahoo bd]

"As James Madison emphasized in Federalist No. 58, Congress's power of the purse was intended to be the "powerful instrument" preventing "all the overgrown prerogatives of the other branches of the government." Requiring the executive branch to ask Congress to raise revenue "requisite for the support of government" helps to ensure that administration is truly supported by the people. "This power over the purse," Madison emphasized, "may, in fact, be regarded as the most complete and effectual weapon with which any constitution can arm the immediate representatives of the people."

In Dodd-Frank, Congress simply signed away its power of the purse and created what Justice Antonin Scalia once called "a sort of junior-varsity Congress." The Fifth Circuit got it right, and if the Supreme Court takes up the case, it should return the constitutional purse to Congress, the people's trustee.

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