Tim Stewart worked for Bob Bennett as a legislative assistant for seven years. In 1999, Stewart left Bennett’s office to work for Fannie Mae in Utah. Bob Bennett’s son joined Stewart working for Fannie Mae.In 2006, Bennett’s former chief of staff, Chip Yost, left Bennett’s office to become a lobbyist. Guess who his client is? Fannie Mae.Tim Stewart moved back to DC a few years ago and and continued lobbying for Fannie Mae until the government created the Federal Housing Finance Agency.According to the Salt Lake Tribune on September 19, 2008:
“Congress is facing heavy criticism for its oversight, which the White House, presidential candidates and financial experts have said was lacking. This is especially true about Freddie Mac and Fannie Mae – they were government-sponsored, private entities under direct government regulations to help keep capital flowing through the financial markets. With their collapse, they are now part of the U.S. government, bringing all of their debt with them. Bennett, who received more campaign contributions from Freddie and Fannie than any other Republican over the last 20 years, said: ‘They obviously got too big and carried too much risk.’”
This is similar to Bennett’s relationship with TARP recipients, which I’ll get into tomorrow.