Sen. John McCain’s 2006 demand for regulatory action on Fannie Mae and Freddie Mac could have prevented current financial crisis, as HUMAN EVENTS learned from the letter shown in full text below.
McCain’s letter — signed by nineteen other senators — said that it was “…vitally important that Congress take the necessary steps to ensure that [Fannie Mae and Freddie Mac]…operate in a safe and sound manner.[and]..More importantly, Congress must ensure that the American taxpayer is protected in the event that either…should fail.”
Sen. Obama did not sign the letter, nor did any other Democrat.
The full text of the letter appears below.