I think what we are rediscovering in this generation is that this cyclical nature of the economy because we fail to adjust or regulate for these kinds of problems are with us and I think unfortunately Washington tends to exacerbate in some ways, may be exacerbating, rather than mitigating the booms and the busts.
Royce comments on Washington's role in exacerbating economic cycles through regulatory failures.
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I plan to introduce legislation with two objectives: The first, to explicitly prohibit Fannie and Freddie from engaging in lobbying activities while in conservatorship.
I hope this Administration and this Congress have learned something from this failed duopoly and do the hard work necessary to reform our housing finance system.
But I will ask both of you, we have got to engage with countries across Africa even the most challenging countries.
I would like to thank Mr. Engel of New York for his friendship for over 20 years on the committee, but also for his shared leadership over the last 6 years on this committee. I would also like to thank him for his commitment over the years…
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