In 2005 John McCain co-sponsored a bill in the Senate entitled the Federal Housing Enterprise Regulatory
Reform Act. The goal was to hold Fannie Mae and Freddy Mac accountable to stricter accounting standards
after they had been fined for lobbying irregularities. The Democrats opposed the bill, led by Senator’s Kerry,
Dodd, Obama and Clinton. In 2006 McCain spoke on the Senate floor, taking Fannie Mae and Freddie Mac to
task for deliberately manipulating financials and using their political power to lobby Congress. What political
power was McCain referring to? It just so happens that the top four politicians in terms of campaign dollars
received from Fannie and Freddie from 1988 to 2008 are John Kerry, Chris Dodd, Barack Obama and Hillary
Clinton (whose husband appointed the heads of both Freddie Mac and Fannie Mae). Obama still receives
substantial donations from Fannie and Freddie, second only to John Kerry.
Read about the Act here: www.govtrack.us/congress/record.xpd?id=109-s20060525-16&bill=s109-190