House Republican Conference Chairman Jeb Hensarling, joined by House Financial Services Committee Chairman Spencer Bachus and senators John McCain and Orrin Hatch, discusses the Government Sponsored Enterprise (GSE) Bailout Elimination and Taxpayer Protection Act. This legislation puts in place an orderly transition period to end the conservatorship of both Fannie Mae and Freddie Mac and eventually requires each to operate -- without government subsidies -- in a fair and equitable manner with private sector competitors.