May 25, 2010
The financial regulatory bill is a “disaster,” and its proposed consumer protection agency would create a Fannie and Freddie “on steroids,” Sen. Judd Gregg, R-N.H. told CNBC on Monday.
“The bill is a disaster because it doesn’t address the fundamental underlining causes of the economic issue, which were real estate and underwriting,” he said. “This bill became, ‘I want to score the most points against Wall Street.’ Most of the initiative of this bill wasn’t directed at solving the problem, but it was directed at scoring political points.”
Gregg, who sits on the Senate banking, budget and appropriations committees proposed underwriting standards along with Sen. Bob Corker, R-Tenn., yet they were not included in the final bill, he said.
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