Johnson calls for end to Fannie, Freddie conservatorship

Senator Tim Johnson addresses the South Dakota Democratic Convention

Federal Housing Finance Agency Director Melvin Watt said during a hearing of the Senate Banking Committee on Wednesday that overhauling the housing-finance system should be left to Congress. Mr. Watt’s comments came after Sen. Tim Johnson (D., S.D.) in his opening remarks called on him to “engage with the Treasury Department in talks to end the conservatorship” of Fannie and Freddie if Congress doesn’t proceed. Mr. Johnson, who chairs the banking committee, sponsored legislation that would overhaul the housing-finance system. That bipartisan bill passed the committee in May but garnered only limited support and didn’t proceed to the Senate floor. Sen. Johnson’s comments come as the likelihood of Congress tackling housing-finance reform dwindles, despite calls from the Obama administration and others for Congress to act. [Wall Street Journal]

Denise Ross has a look at Senator Johnson's legacy posted at the Mitchell Daily Republic: subscription required.

Donate to Senator Johnson's South Dakota First PAC.