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The measure was offered by Republicans John McCain, Richard Shelby and Judd Gregg as an amendment to a sweeping Democratic financial reform bill that does not deal decisively with the problem of what to do about Fannie and Freddie.
"You cannot have responsible reform of financial services and leave out Freddie and Fannie," said Republican Senator Johnny Isakson in debate on the amendment dealing with the two groups, known as government-sponsored enterprises, or GSEs.
