Six Democrats to Watch During GSE Reform Vote
April 14, 2014 2:39 PM
The Senate Banking Committee is due to vote April 29 on a bill to revamp the housing finance system, though that date may slip. The legislation, by panel leaders Tim Johnson and Mike Crapo, had an auspicious start, with an equal number of members from each party among the dozen who came out in support of it. That's enough to pass the panel, but not sufficient to bring it to the Senate floor. Here are the other Dems the lawmakers are hoping to woo:
(Image: Bloomberg News)
Sen. Charles Schumer, D-N.Y.
Sen. Charles Schumer has publicly said that the Johnson-Crapo bill seems "reasonable," but added that the "devil is in the details." Despite his close ties to Wall Street, which generally favors the legislation, Schumer remains uncommitted.
(Image: Bloomberg News)
Sen. Jack Reed, D-R.I.
Reed has a long-held interest in affordable housing issues and was at one point rumored to be working on his own finance reform legislation. Yet he is also close to Chairman Tim Johnson and has publicly deferred to the South Dakota Democrat when asked about the issue.
(Image: Bloomberg News)
Sen. Elizabeth Warren, D- Mass.
Of the six committee Democrats who have not signed onto the bill, Sen. Elizabeth Warren has been the most vocal about detailing why . She's publicly urged Johnson and Crapo to move cautiously on reform, saying it can't be rushed through. She's also criticized the bill for eliminating the government-sponsored enterprises' affordable housing goals, saying a proposed trust fund doesn't go far enough to help low-income individuals.
(Image: Bloomberg News)
Sen. Sherrod Brown, D-Ohio
Sen. Sherrod Brown, a possible panel chairman next year if Democrats keep control of the Senate, does not sound positive about the Johnson-Crapo legislation. In an interview last week with Bloomberg News, he suggested the bill could leave the biggest banks in control of the housing finance system. He also said it may be possible to restore Fannie Mae and Freddie Mac after some reforms, rather than enact a "complicated" new system.
(Image: Bloomberg News)
Sen. Robert Menendez, D-N.J.
Sen. Robert Menendez has co-authored legislation to help troubled borrowers refinance their mortgages. However, he has remained silent on both the Johnson-Crapo bill and its predecessor, which was co-authored by Sens. Bob Corker, R-Tenn., and Mark Warner, D-Va.
(Image: Bloomberg News)
Sen. Jeff Merkley, D-Ore.
Sen. Jeff Merkley is a left-leaning Democrat who has given little indication of where he stands on the Johnson-Crapo bill.
(Image: Wikipedia)
