Investors Being Heard ‘Round Capitol Hill on Blackburn Bill
- April 2, 2015
The passion and engagement of its members is the reason Investors Unite continues to make progress in raising awareness, particularly among policymakers, of the high-stakes issues at the center of the Third Amendment sweep and the ongoing conservatorships of Fannie Mae and Freddie Mac: shareholder rights, taxpayer protection and the rule of law.
Having so many of you engage through the PopVox civic-engagement platform supporting legislation from Congresswoman Marsha Blackburn (R-TN) shows how strong we are when we work together when we exercise our Constitutional rights to petition the government.
The Popvox platform lets you “vote” on legislation and it sends a letter directly to your representative informing the office whether you support or oppose a particular bill.
As you know, Blackburn’s bill would require Fannie Mae and Freddie Mac to stop sending their profits to the U.S. Treasury, instead using them to build a pool of money the GSEs can draw on in the event of a significant loss. So far, every single voter who has gone to that page supports the bill! At last check, there were votes cast from nearly every state and a number of voters posted comments, such as this one from a person in Texas:
“I support H.R. 1673 The Enterprise Secondary Reserve Taxpayer Protection and Government Accountability Act because [the] 3rd amendment sweep is not the kind of action our country should be known for. Nor is it fair to shareholders, nor is it good for taxpayers. It is embarrassing. This bill can help right a serious wrong.”
Here’s a comment from a voter in New Jersey:
“I support H.R. 1673 The Enterprise Secondary Reserve Taxpayer Protection and Government Accountability Act because the integrity of our laws and charters matter. They are the very foundation of our democracy. Do the right thing and return to shareholders what is theirs. The GSE’s capital is not for the [T]reasury [D]epartment to keep.”
Follow this link to the PopVox page for Rep. Blackburn’s bill that achieves the dual-goals of ending the illegal Third Amendment Sweep and protecting taxpayers (robust capital reserves diminishes the need for a taxpayer-funded bailout).
Our Investors Unite Summit in January was so successful because the offices we visited recognized that we want to be part of the discussions, part of the solution. We can do that by respectfully engaging with them and providing them with the facts and our opinions.
Rep. Blackburn’s legislation continues to receive positive press, with the latest coming from Value Walk writer Michael Ide. He writes that, “for once, there’s a proposal in Congress that Fannie Mae shareholders can get behind.” We would add that Freddie Mac shareholders are equally supportive of what Ide calls a “fairly neutral bill.” Here’s some good insight from the article:
“On its face the bill is agnostic about the ultimate fate of the GSEs, so it doesn’t seem like as much of a longshot as comprehensive reform bills. It’s a little surprising that the bill doesn’t also try to funnel money away from the National Housing Trust Fund, but that would give Democrats a strong reason to oppose it what’s otherwise a fairly neutral bill.”
Here’s a roundup of some news articles on Congresswoman Blackburn’s legislation. We’ll note that Politico Pro, one of the most widely read publications on Capitol Hill, had the news first, but the article is behind a paywall so we can’t give you a link for it.
Housing Wire: Congresswoman Wants to Put Fannie, Freddie Profits in Escrow
Seeking Alpha: Fannie And Freddie: New Bill Establishes A Secondary Reserve To Protect Capital
Inman Select: Proposed bill Would Place Fannie, Freddie Funds in Escrow
The MReport: Bill Seeks to Create Fannie, Freddie Escrow Account
MPA Magazine: GSE Reform Could Happen Sooner Than Expected
We will continue to monitor and inform you as support for this important legislation grows.