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• • 108 Ad
Selling Lobby Issues Fannie Mae Spent $87 Million on Ad
Campaign
• •
April 13, 2005 / Fannie Mae spent $87
million for an advertising campaign that helped thwart
efforts by Congress in 2003 and 2004 to create a tougher
regulator for the government-chartered company, according to
a University of Pennsylvania study released
Tuesday.
• • Fannie
Mae, the largest source of money for U.S. home mortgages,
paid for 10,797 print and television ads during the two
years of the 108th Congress, the university's Annenberg
Public Policy Center in Philadelphia
said.
• • The ads were concentrated in the
Washington area and aimed at swaying the country's 100
senators, 435 representatives and their staffs, the study
said.
• • "The ads are like having first-strike
nuclear capability," said Kathleen Hall Jamieson, director
of the center. "You don't have to use it nationally or in
lawmakers' home districts, but it says your capability is
there."
• • The company's outlay, including the
nonprofit Fannie Mae Foundation, was 22% of the $404.4
million spent by all companies and groups on "issue
advertising" aimed at Congress during those two years and
more than double the $33.5 million spent by GlaxoSmithKline,
the second-largest ad buyer.
• • "The company has significantly cut back
its advertising for 2005," Fannie Mae spokesman Brian Faith
said. He declined to provide a dollar figure for the ad
budget.
• • The ad blitz helped stall an effort in
Congress, backed by the Bush administration, to create a
regulator with authority to alter capital standards, reject
new lines of business and oversee other operations at Fannie
Mae and Freddie Mac, the study
said.
• • The effort to toughen regulation gained
momentum this year because of accounting errors at the two
companies.
• • The House and the Senate are again
considering creating a tougher regulator.
///
ByLines:
Editors Note
More Articles
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News 162005 / TeleCom Buy Outs and Asset Seizure
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