Frank Wants GSE Reform Now

Rep. Barney Frank, D-Mass, has his eye on being chairman of the House Financial Services Committee next year, but he still wants Congress to pass a GSE reform bill this year that strengthens the regulation of Fannie Mae and Freddie Mac."He wants it done this year," said the congressman's spokesman, Steve Adamske. "Nobody wants to start over from zero next year." As the ranking Democrat on the committee, Rep. Frank would become chairman if Democrats win control of the House on Nov. 7. Nevertheless, Rep. Frank is still working toward passage of a GSE bill when Congress returns Nov. 13 for a lame-duck session. And he is insisting that the bill include a requirement that the government-sponsored enterprises contribute to an affordable housing fund. The Massachusetts Democrat is continuing to work with Sen. Jack Reed, D-R.I., on the AH fund program to accommodate Bush administration objections. Mr. Adamske indicated that a solution has not been worked out yet.