Capito: GSE reform unlikely before November elections
With Senate in play, balance could change
U.S. Rep. Shelley Capito, R-W.V., told the American Bankers Association conference Tuesday that she doesn't believe GSE reform will pass before November.
Capito, who supports the House reform measure known as the PATH Act and who heads the financial institutions subcommittee of the House Financial Services Committee, said there's little chance until after election season. The Senate housing reform measure, Johnson-Crapo, is considered to have even less chance.
With the Senate in solid play and Republicans slightly favored, the PATH Act could gain traction after the mid-terms.
“It’s a huge undertaking with large ramifications, and so as time passes, I think probably hopes dim,” Rep. Shelley Moore Capito, a West Virginia Republican, told MarketWatch in a brief interview after speaking at an American Bankers Association conference in Washington.
“Hopes are dimming, I would say. But it’s not impossible,” said Capito, who leads the subcommittee on financial institutions and consumer credit.
Capito is a key backer of a bill that passed the House Financial Services Committee in July 2013, which would among other things phase out federally controlled mortgage-backers Fannie Mae FNMA and Freddie Mac FMCC within five years. She said the full House should be “dealing with” the bill, but called that “sort of a work in progress.”