Sep 24 2008
Hagan Wrongly Accuses Dole of Fiscal Crisis
Dole’s opponent, Democrat Kay Hagan, calls it “outrageous†that the government has found itself in the position of bailing out Wall Street. She accuses Dole of doing little to help avert the crisis as a member of the banking committee.
Hagan spokeswoman Colleen Flanagan said Dole’s “desire to examine the causes, implications of turmoil now is the very definition of a day later, dollar short.â€
Dole calls Hagan “dead wrong.†She pointed to her sponsorship of bills last year – as well as in 2003 and 2005, when Republicans controlled Congress – that would have created an oversight agency for mortgage giants Fannie Mae and Freddie Mac, now under federal conservatorship.
“We submitted legislation and stuck our necks out trying to rein in Fannie Mae and Freddie Mac,†Dole said. None of the bills ever passed.
Hagan is wrong to try and pin this on Elizabeth Dole. Dole is correct in pointing out the two attempted bills to put some restraints on the Freddie Mac and Fannie Mae. What stopped these reforms from happening were deafening objections mainly by two Democrats: Congressman Barney Frank of Boston and Senator Chris Dodd of Connecticut. That’s not to say that Republicans don’t share in the blame. After all, there was a Republican majority in Congress both times so there were members of the GOP that also stood against the reforms, but Dole was not one of them.
