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The House also approved legislation to reform the regulatory oversight of the housing-related government sponsored enterprises (GSEs). Prior to approving H.R.1427, the House adopted an amendment that would limit the authority of the new regulator to reduce the size of the GSE mortgage portfolios.
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House Approves GSE Reform Bill

The House approved the Federal Housing Finance Reform Act (H.R.1427) by a vote of 313 to 104. The bill overhauls the regulatory oversight of the housing government sponsored enterprises (GSEs) and creates a new, independent regulator with broad powers similar to current banking regulators. The new regulator, the Federal Housing Finance Agency (FHFA), would have the authority to adjust risk-based and minimum capital requirements, to adjust the size of the GSE mortgage portfolios for safety and soundness reasons and to place the GSEs into receivership. The bill also creates an affordable housing fund to be funded by Fannie Mae and Freddie Mac based on the average sizes of their mortgage portfolios. Prior to approving H.R.1427, the House approved an amendment offered by Reps. Melissa Bean (D-IL) and Randy Neugebauer (R-TX), which specifies the new regulator has the authority to reduce the size of the GSE mortgage portfolios only if they pose a risk to the GSEs themselves and not the broader economy. The amendment was approved 383-36 and was previously approved by voice vote late last week.

In a statement released after House passage of H.R.1427, Robert Steel, Treasury Under Secretary for Domestic Finance, said as a result of amendments made to the bill, the Treasury Department does not believe the bill adequately provides the necessary oversight. Steel said the Treasury Department remains troubled with the bill's provisions related to conforming loan limits, the Federal government's appointment of directors and parts of the affordable housing fund. Steel said the Bean-Neugebauer amendment significantly weakened the ability of the regulator to examine systemic risk issues. The Senate Banking Committee has not acted on GSE reform legislation. Senate Banking Committee Chairman Chris Dodd (D-CT) has said he is committed to finding a bipartisan consensus on the issue

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Fight Global Poverty
Obama will embrace the Millennium Development Goal of cutting extreme poverty around the world in half by 2015, and he will double our foreign assistance to $50 billion to achieve that goal. He will help the world’s weakest states to build healthy and educated communities, reduce poverty, develop markets, and
generate wealth.

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Toward a Nuclear Free World
Obama will set a goal of a world without nuclear weapons, and pursue it. Obama will always maintain a strong deterrent as long as nuclear weapons exist. But he will take several steps down the long road toward eliminating nuclear weapons. He will stop the development of new nuclear weapons; work with Russia to take U.S. and Russian ballistic missiles off hair trigger alert; seek dramatic reductions in U.S. and Russian stockpiles of nuclear weapons and material; and set a goal to expand the U.S.-Russian ban on intermediate range missiles so that the agreement is global.

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Obama is the only major candidate who supports tough, direct presidential diplomacy with Iran without preconditions. Now is the time to pressure Iran directly to change their troubling behavior. Obama would offer the Iranian regime a choice. If Iran abandons its nuclear program and support for terrorism, we will offer incentives like membership in the World Trade Organization, economic investments, and a move toward normal diplomatic relations. If Iran continues its troubling behavior, we will step up our economic pressure and political isolation. Seeking this kind of comprehensive settlement with Iran is our best way to make progress.

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Judgment You Can Trust
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• In 2003 and 2004, he spoke out against the war on the campaign trail;
• In 2005, he called for a phased withdrawal of our troops;
• In 2006, he called for a timetable to remove our troops, a political solution within Iraq, and aggressive diplomacy with all of Iraq’s neighbors;
• In January 2007, he introduced legislation in the Senate to remove all of our combat troops from Iraq by March 2008.
• In September 2007, he laid out a detailed plan for how he will end the war as president.

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We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence,[1] promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America.