WASHINGTON, DC — Congressman Jeb Hensarling today announced that his proposal to end the bailout of Fannie Mae and Freddie Mac has won the House GOP YouCut vote and would be up for a vote on the House Floor as early as Wednesday, June 9.

“I am honored the American taxpayers have endorsed my proposal through their votes on YouCut.  Since taking over Fannie Mae and Freddie Mac, the two government sponsored mortgage-backing companies, taxpayers have injected over $145 billion into the two government sponsored enterprises,” said Hensarling.  “Despite the fact that they are hemorrhaging some $7 billion a month Democrats in Congress have still not considered proposals to reform these Financial Frankensteins.”

“The YouCut vote clearly shows the American people want the bailouts to end and are demanding that Congress take action to reform these companies now, as opposed to delaying yet again as Secretary Geithner recently suggested,” concluded Hensarling. “Ending the GSE’s government conservatorship, shrinking their portfolios, establishing minimum capital standards, and bringing transparency to taxpayer exposure could generate an estimated savings of $30 billion.”

“YouCut” www.republicanwhip.house.gov/youcut is an online mechanism established by House Republicans to give taxpayers a direct say in how their tax dollars are spent.  To vote or learn more about YouCut go to www.republicanwhip.house.gov/youcut .

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