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Lending

Sen. Johnson: We'll reconvene on GSE reform Thursday

"Give my creation life?"

stormy congress
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Senate Banking Committee Chairman Tim Johnson, D-S.D., announced Monday afternoon that his committee will reconvene in executive session to consider the Johnson-Crapo GSE reform bill on Thursday morning.

The hearing will be held in Dirksen Senate Office Building on Thursday, May 15 at 10 a.m. ET.

The move could revive a bill that many observers had thought dead after last week, or at least until after the mid-term elections.

Last week, key Democrat senators shocked supporters of the bipartisan bill when they announced they would not vote for the Senate committee version of legislation that would wind down Fannie Mae and Freddie Mac in favor of a new system.

That revolt, let by U.S. Sen. Elizabeth Warren, D-Mass., followed the bill being put on hold in committee on April 29.

According to Bloomberg, Charles Schumer of New York, Sherrod Brown of Ohio, Jeff Merkley of Oregon, Robert Menendez of New Jersey, Elizabeth Warren of Massachusetts, and Jack Reed of Rhode Island held a private meeting and agreed to pull their support for Johnson-Crapo.

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