Frank played a lead role in the successful effort to include an affordable housing program in the Fannie Mae and Freddie Mac legislation adopted by the House Financial Services Committee

"When the bill was being drafted last week, the two key Republicans, Ohioans Michael G. Oxley and Robert W. Ney, the chairmen, respectively, of the full committee and its housing subcommittee, decided that to lock in Democratic support, they would include a proviso from the committee,s top Democrat, Rep. Barney Frank of Massachusetts, to earmark 5 percent of Fannie and Freddie,s annual profits for preservation, rehabilitation and construction of low-income housing."