Union Leader: “Sen. John Sununu earned his reputation as the smartest member of the U.S. Senate in part through his demonstrated ability to understand complex issues and suggest sensible reforms. A good and timely example can be found in the recent federal bailout of mortgage giants Fannie Mae and Freddie Mac.” (Union Leader, 9/15/08)
· Union Leader: “Had Sen. Sununu's reforms not been blocked by the Fannie and Freddie apologists in Washington for so many years, this monstrous taxpayer bailout might have been avoided. The Fannie and Freddie situation is something Sununu understood from the beginning and tried hard to reform. By way of contrast, Sen. Sununu's challenger, Jeanne Shaheen, is someone who as far as we can tell has never mentioned Fannie Mae or Freddie Mac until this year.” (Union Leader, 9/15/08)
Detroit News: “The dirty little secret about Fannie Mae and Freddie Mac is when investigators began discovering that the books were being cooked, the companies were protected by Democrats, who stalled -- for two years -- efforts by Sen. John Sununu , R-New Hampshire, to reform the lenders.” (Detroit News, 9/19/08)
Associated Press : “ Sununu said he hopes the takeover will spur Congress to enact some of the reforms he's been advocating for years.” (Associated Press, 9/7/08)
· Associated Press : “ Sununu co-sponsored legislation in 2003, 2005 and 2006 to improve oversight of Fannie Mae and Freddie Mac. Many of the provisions of the legislation were included in a bill signed into law this summer. Those changes, which included giving regulators more authority and making accounting rules more stringent, should help long-term, said Gregg, who called for privatizing and decentralizing the companies.” (Associated Press, 9/7/08)
Wall Street Journal : “ When it comes to the current credit crunch and concomitant slowdown, he [Sununu] notes that he has fought to reform Fannie Mae and Freddie Mac since almost the moment he arrived in the Senate, co-sponsoring legislation that might just have prevented what happened to them last week, if Democrats hadn't consistently blocked any attempts to rein in the two mortgage giants.” (Wall Street Journal, 9/13/08)
PolitickerNH : “ In 2006, Sununu sponsored the National Insurance Act which attempted to create a single regulatory system over the insurance market, and in 2003 he sponsored The Federal Enterprise Regulatory Reform Act, which sought to increase regulation over Fannie Mae and Freddie Mac.” (PolitickerNH, 9/17/08)
White House Briefing On The Economic Crisis (9/18/08):
· REPORTER QUESTION: My other question is, in talking about new regulation, in '04, I believe, Senator Sununu introduced legislation that passed the Senate Banking Committee and would have had federal regulations for insurance companies, including AIG. Is that something that the administration might dust off at this point; you know, removing it from state authority and putting it in federal hands?
· MR. FRATTO (WHITE HOUSE DEPUTY PRESS SECRETARY): It's in the blueprint.
· MS. PERINO (WHITE HOUSE PRESS SECRETARY): It is -- it's in the blueprint, in the regulatory blueprint. Fabulous. So, yes, we want it.
FLASHBACK: What They Have Been Saying About Senator Sununu’s Efforts To Strengthen Our Economy
American Banker: “But the two said that this time they were sincere in wanting legislation to pass and that efforts to limit their
mortgage portfolios could harm the housing market.” (American Banker, 4/21/05)
· American Banker: “Before the uncharacteristic admissions, Sens. John Sununu, R-N.H., and Mel Martinez, R-Fla., said Fannie and Freddie could not be trusted.” (American Banker, 4/21/05)
American Banker: “Sen. Hagel, Sen. John Sununu, R-N.H., and Sen. Elizabeth Dole, R-N.C., introduced a bill Jan. 26 that would create a new primary regulator of Fannie and Freddie to replace the Office of Housing Enterprise Oversight.” (American Banker, 2/9/05)
Union Leader: “Sununu’s agenda includes legislation to create a stronger regulatory body to control government-sponsored housing enterprises, such as Fannie Mae and Freddie Mac, to ensure that they stay solvent and repay trillions of dollars in debt.” (Union Leader, 1/31/05)
Washington Post: “On Wednesday, Sens. Chuck Hagel of Nebraska, John Sununu of New Hampshire, and Elizabeth Dole of North Carolina introduced legislation that would create a new regulator for Fannie Mae, Freddie Mac, and the Federal Home Loan banks.” (Washington Post, 1/27/05)
· Washington Post: “Proposed legislation would create a federal regulator with authority to sell the assets of Fannie Mae and Freddie Mac if they default. The Senate bill would also give a new regulator power to adjust minimum and risk-based capital standards and to disapprove new lines of business at the two government-chartered mortgage finance companies, Sen. John Sununu (R-N.H.) said. “Among other things, the bill would give the regulator the power to close down a GSE if it encountered a severe financial crisis, as well as authority over any new activities. The bill would require an annual audit of Fannie and Freddie's affordable housing programs, end presidential appointments to the two companies, and require all Home Loan bank directors to be elected.” (Washington Post, 1/27/05)
Roll Call: “In the Senate, John Sununu (R-N.H.) said he believed ‘there’s an excellent chance that the [Senate] Banking [Housing and Urban Affairs] Committee takes up a bill next year. All the accounting problems at Fannie underscore the need for a stronger regulator.’” (Roll Call, 10/4/04)
· Roll Call: “Sununu noted that the Senate Banking panel passed a bill in April to put oversight under the Treasury Department, but the legislation stumbled when House Financial Services cancelled a markup.” (Roll Call, 10/4/04)
· Roll Call: “This time around, however, Fannie Mae can't avoid legislation, Sununu said - even though executives there voluntarily agreed to implement some safety and soundness rules, including increasing the level of capital it keeps on hand.” (Roll Call, 10/4/04)
· Roll Call: “‘If it’s a cynical effort simply to head off legislation yet again, they are going to be very disappointed,’ said Sununu.” (Roll Call, 10/4/04)
Los Angeles Times: “The companies ‘are in a class by themselves,’ with the most potent lobbying force in Washington, said Sen. John Sununu (R-N.H.). Sununu co-sponsored a bill that would strengthen oversight, in response to accounting errors that led to a $5-billion profit restatement by Freddie Mac last year.” (Los Angeles Time, 1/6/04)
Los Angeles Times: “Three Republican senators introduced a bill Thursday to place regulation of Fannie Mae and Freddie Mac, the two biggest U.S. providers of mortgage financing, in the Treasury Department.” (Los Angeles Times, 8/1/03)
· Los Angeles Times: “‘The success of these organizations has a direct effect on the stability of the American economy,’ Sen. Charles Hagel (R-Neb.), one of the sponsors of the bill, said. ‘The new regulator in the Treasury Department would be better equipped to oversee these large financial institutions,’ Hagel said. Sens. Elizabeth Hanford (R-N.C.) and John E. Sununu (R-N.H.) are co-sponsors of the bill.” (Los Angeles Times, 8/1/03)
FLASHBACK: Jeanne Shaheen’s Allies Block Senator Sununu’s Reform Efforts
Senator Chuck Schumer: “Mr. President, this amendment only singles out two companies, Fannie Mae and Freddie Mac, which have an important mission: homeownership in our States, moving out regional imbalances in the mortgage supply, integrating regional mortgage markets. If this amendment is passed, here is what happens: The housing markets are hurt. At a time when we are worried about our housing markets, we are worried about a housing bubble that may burst, we are worried about so many parts of the housing market, to pull the rug out from under, Fannie Mae and Freddie Mac, which have done an incredible job, would make no sense whatsoever.
· Schumer: All the other corporations are not talked about here, just Fannie and Freddie. Therefore, I think this amendment deserves to be defeated.”