I serve as the Chairman of the House Financial Services Committee. In my role as chairman, I have been a staunch advocate for promoting consumer choice, competitive markets, and smart regulation in our financial markets. I was the only member of Congress to have introduced comprehensive reform legislation for Fannie Mae and Freddie Mac during the credit crisis, lauded in the media as “a concrete plan for fixing Fannie and Freddie.” I was also the only member of Congress to have introduced a legislative alternative to TARP during the heart of the credit crisis, which would have minimized taxpayer exposure and the politicization of the market.
Since coming to Congress, I have fought to encourage competition in the lending market to increase choices and lower costs for consumers, as well as combat financial fraud and enhance disclosure notices. I have vigorously opposed taxpayer bailouts for failed financial companies and efforts to give government greater control over personal financial decisions.
That is why, under my leadership, the Financial Services Committee passed the Protecting American Taxpayers and Homeowners Act, also known as the PATH Act, which would:
• end the largest bailout in history – the nearly $200 billion taxpayer-funded bailout of Fannie Mae and Freddie Mac – and phase out the troubled Government-Sponsored Enterprises within five years;
• increase competition by ending the federal government’s domination of the housing finance market that has left taxpayers liable for $5.1 trillion in mortgage guarantees; and
• free America's housing markets from the control of Washington elites, giving consumers more choices in determining which mortgage product best suits their needs.