On the recordJuly 22, 2015
Again, in many respects, I do believe the economy is more fragile. The good news is that more of our financial institutions are holding more capital. They are more liquid. But what is ironic is the regulators, prior to Dodd-Frank, had all the regulatory authority they needed to have made these balance sheets even safer; yet there has been no effort on the part of the administration, notwithstanding the good work of our committee, to do anything about Fannie and Freddie that were at the epicenter of the crisis. Again, this whole government idea of putting people into homes that ultimately they cannot afford to keep, it is terrible for them. It is bad for the taxpayer. It is bad for the economy. We have to move to a sustainable housing system: sustainable for homeowners, sustainable for the economy, and certainly sustainable for taxpayers.
