As those that follow the news know by now, Representative Scott Garrett has been named the Ranking Member (aka Vice Chairman) on the sub-committee that oversees the credit markets, as well as Fannie Mae and Freddie Mac. The official title of the Committee is the House Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
It seems that the political capital he got during the first bailout bill, and continued to build with the subsequent hand outs has paid off for him. It should be interesting to watch what Garrett does with this opportunity.
Garrett's made no secret of the fact he'd like to see the GSE's broken up, and more deregulation in the insurance and credit market sectors of our economy. Regardless of whether he can get any traction on these beliefs, being the Ranking Member will let him speak longer at hearings and likely get more invitations to speak with the press.
If nothing else, that will give me more source material.
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