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Barney Frank - Campaign Contributions from Fannie-Mae and Freddie Mac
Congressman Barney Frank has served on the House Banking Committee since becoming a congressman in 1981 and became the ranking Democrat on the committee in 2003. He became chairman of the committee, now called the House Financial Services Committee, in 2007. The committee is the primary House body which along with the Office of Federal Housing Enterprise Oversight (OFHEO) has jurisdiction over the government-sponsored enterprises such as Fannie Mae and Freddie Mac.
Congressman Frank received more than $40,000 in campaign donations from Fannie between 1989 and 2008. According to OpenSecrets.com, this places Congressman Frank at 16th on the list of those receiving funds and 5th in the House. Political action committees financed by both Freddie and Fannie have contributed $3,017,797 to members of Congress since 1989. And according to the July 16 issue of Politico, the two entities have spent a whopping $200 million to buy influence – including not only campaign donations to members of Congress, but also presidential campaigns and lobbying efforts.
References
[1] Website: Business and Media Institute Article: Media Mum on Barney Frank's Fannie Mae Love Connection Author: Jeff Poor Accessed on: 04/06/2010
[2] Website: OpenSecrets.org Article: Update: Fannie Mae and Freddie Mac Invest in Lawmakers Author: Lindsay Renick Mayer Accessed on: 04/06/2010