It is important to repeat that the editorial omits the key point, that it was exactly in that period that the House Financial Services Committee, that I chair, passed and helped pass through the House a bill that embodied the reforms asked for by the Bush administration, and that was the basis for Secretary Paulson's and FHFA Director James Lockhart's recent actions.
We do not want to repeat the mistake of the late 1970s, when the CIA withdrew its presence from key areas of the world only to find shortly thereafter that it had to be reinstated.