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The pussycat that roared
Washington Monthly, March, 2005 by Charles Peters
Federal regulators often behave like pussycats. The reason is not that they are bad guys, but that they fear that their budgets might be cut by congressional friends of the regulated industry in case the industry finds them too tough. That is why the fellows at the Office of Federal Housing Enterprise, led by its director Armando Falcon Jr., deserve special praise.
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They blew the whistle on Fannie Mae, one of the most powerful organizations in Washington, famous for its cultivation of influential friends in Congress and elsewhere. Falcon, by the way, was not appointed by George W. Bush but by William Jefferson Clinton.
COPYRIGHT 2005 Washington Monthly Company
COPYRIGHT 2008 Gale, Cengage Learning
