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Inside Washington (08/07/2009)
* WASHINGTON (8/10/09)--Rep. Carolyn Maloney (D-N.Y.) announced that she will not enter a primary race against Sen. Kirsten E. Gillibrand (D-N.Y.). Maloney is chairman of the Joint Economic Committee, a member of the House Financial Services Committee and chair of its subcommittee on financial institutions, and an author of credit card reforms. Gillibrand was picked by New York Gov. David Paterson to fill Secretary of State Hillary Clinton’s vacant Senate seat in January. Maloney said she decided not to run because she wants to address challenges involving health care reform, the economy and clean energy issues (Associated Press Aug. 7) ... * WASHINGTON (8/10/09)--Federal Housing Finance Agency (FHFA) Director James Lockhart is advocating for separating Fannie Mae and Freddie Mac into good banks and bad banks--a plan that many industry representatives doubt would have much political support. Lockhart, who confirmed Thursday that he would resign this month, said the solution could help Fannie and Freddie get rid of their most troubled holdings and return to the market. The government would continue to keep the troubled holdings and provide support for debt and mortgage-backed securities (American Banker Aug. 7). Lawrence White, economics professor at New York University, said Mellon Bank 20 years ago separated good banks from bad banks by isolating bad assets and assigning managers to work out their problems. However, observers say Fannie and Freddie’s situation is different because, unlike Mellon, they don’t have enough capital to finance a bad bank ...


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