On the eve of the mortgage crisis in May of 2007, Congress attempted to pass a bill that would establish new regulatory oversight of Fannie Mae and Freddie Mac to ensure their troubles did not carry over to the entire economy. These regulations could have, at the very least, reduced the effect the housing bubble’s burst had on our economy.
However, Melissa Bean, the largest recipient of Fannie Mae and Freddie Mac contributions per year in the House of Representatives, acted on behalf of the mortgage giants and drafted the “Bean-Neugebauer Amendment” which weakened the regulation and undermined the bill. She even solicited feedback from Fannie Mae and Freddie Mac on her amendment.
This issue is more than “pay-to-play”, which is much too common in Illinois. It goes deeper. Melissa Bean has shown that not only is she unwilling to stand up against the special interests for her constituents, she is willing to stand against her constituents for the good of the special interests.
Melissa Bean’s commercials speak of courage—but it is her extreme lack of courage that has put American jobs and homes at risk.