Legislation encourages transparency at financial entities
WASHINGTON – Today, the House of Representatives passed H.R. 1694, the Fannie and Freddie Open Records Act of 2017, sponsored by House Oversight and Government Reform Committee Chairman Jason Chaffetz (R-UT). The bill passed unanimously 425-0.
What the Bill Does:
- H.R. 1694 amends the Freedom of Information Act (FOIA) to make its provisions apply to Fannie Mae and Freddie Mac while in federal conservatorship.
- The federal government spent approximately $187 million in taxpayer funds to bail out Fannie Mae and Freddie Mac.
- Before the passage of H.R. 1694, these two entities were not subject to FOIA because they are not federal agencies.
- In March, the Committee favorably reported the bill, as amended, to the House by voice vote.