Chaffetz: Apply FOIA to Freddie, Fannie

In a release, Chaffetz said his legislation would bring greater transparency to Fannie and Freddie, both of which were taken over by the government more than two years ago.

“The American people have a right to know what activities their taxpayer dollars are bailing out,” Chaffetz said in a statement.  “Fannie and Freddie were chartered by the federal government. They’re currently managed by board members chosen by the federal government. And the federal government has sunk at least $145 billion into Fannie and Freddie, with hundreds of billions more in potential liability. FOIA makes possible a level of transparency and accountability in federal agencies that is desperately needed here.”

According to the release, Reps. Spencer Bachus (R-Ala.) and Jeb Hensarling (R-Texas), the chairman and vice-chairman respectively of the House Financial Services Committee, are among the co-sponsors of the measure.

Republicans made Fannie and Freddie a campaign issue during last year’s midterms and have indicated they will push to privatize the mortgage entities. For their part, the Obama administration and congressional Democrats have maintained that the government should still be involved in the housing market.