–Two Dem Senators Say Bill Is Important To Boost Economy
–Sen. Boxer: ‘Let’s Do Something’ Now To Revive Economy
–Sen. Menendez: ‘Time Is Of the Essence,” Wants Hill Votes In Sept
By John Shaw
WASHINGTON (MNI) – Democratic senators Barbara Boxer and Bob
Menendez said Monday that they will press for a Senate vote this month
on legislation that would remove barriers that are preventing Fannie Mae
and Freddie Mac borrowers from refinancing their mortgages.
During a conference call, both Boxer and Menendez said it was
critical to pass their bill this month.
“Time is of the essence,” Menendez said, arguing that the bill
would allow more than 13 million people to refinance their loans at
“historically low interest rates.”
“This is an absolute no brainer,” Menendez said, adding that
“virtually no one opposes the bill on its merits.”
Menendez said the bill could pass Congress swiftly, but warned this
bill should not become the vehicle for a broader debate on the future
roles of Fannie Mae and Freddie Mac.
Attempts to provoke a larger debate would be viewed as “poison
pills” to the underlying bill,” he said.
“There is an urgency to do this,” Boxer said. “We can’t wait,” she
added, saying the package is a “consensus bill.”
“Let’s do something,” she said, adding it would help boost the
American economy.
Congress will only be in session for a few weeks in September
before adjourning until after the November elections.
** MNI Washington Bureau: (202) 371-2121 **
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