In 2005, a Fannie Mae and Freddie Mac reform bill was passed by the Senate Banking Committee, according to commentary by Kevin Hassett, director of economic policy studies and an advisor to Senator John McCain, on Bloomberg.com
The bill gave a regulator power to crack down, and would have required the companies to eliminate their investments in risky assets. However, Democrats opposed it on a party-line vote in the committee. Hassett believes Democrats created today’s financial crisis.
Senator Barack Obama now has new Spanish-language ads in Florida and other states. The ads will focus on the economy.