As noted, Senate Banking last week voted 13-9 to clear a dramatically-revised version of S. 1217, now known generally as the Johnson-Crapo bill to reform Fannie Mae and Freddie Mac (see Client Report GSE128). Sen. Corker (R-TN) put the best spin he could on the split vote, saying it was a wider margin than the one that sent Dodd-Frank out of committee in 2010. Then, though, there was a sense of urgency about financial reform. Now, not so much for a housing-finance rewrite. Given the wide gulf between the Senate bill and the PATH Act reported on a highly-partisan vote last year in House FinServ, the odds for legislative action this year are slim. Still, we’ve learned a lot about public policy that will guide regulatory action now and legislation in the next Congress.
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