Washington - Today the Federal Housing Finance Agency (FHFA) reported Fannie Mae and Freddie Mac could require up to $190 billion in taxpayer aid in the event of another severe economic downturn. Last July, the House Financial Services Committee passed the Protecting American Taxpayers and Homeowners (PATH) Act to ensure hardworking taxpayers "never again have to bail out corrupt financial government enterprises like Fannie Mae and Freddie Mac." The House has yet to schedule that bill for floor consideration. Heritage Action released the following statement from chief executive officer Michael A. Needham:
"Today's report is a vivid reminder of the power special interests that benefit from the status quo wield in Washington. The excellent work of Chairman Hensarling and the House Financial Services Committee has languished, putting taxpayers at risk. The Republican-controlled House should move swiftly to pass the PATH Act, thereby sending a clear signal that the era of open-ended taxpayer bailouts is over."