The House Financial Services Committee announced Friday it will meet on Tuesday to consider and begin voting on the Protecting American Taxpayers and Homeowners Act, which would wind down Fannie Mae and Freddie Mac and largely privatize the secondary mortgage market.
In a marathon hearing on the bill Thursday that ran seven hours, Chairman Jeb Hensarling (R-Texas) said he wanted to mark up the bill before the month-long congressional recess that begins Aug. 5.
However, Democrats objected to the speedy progress on the bill. In particular, Rep. Brad Sherman (D-Calif.) remarked during the hearing that speaking with constituents during the August break would provide helpful perspective when considering the effects of the legislation.
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