WASHINGTON – Congressional Republicans lost another one of their leaders yesterday when Rep. Richard Baker, the lading critic of Fannie Mae and Freddie Mac, said he is resigning his seat to become president and CEO of the Managed Funds Association, a leading hedge fund lobby group.
The Louisiana Republican has represented a district that includes Baton Rouge since 1986, and played an active role on the House Financial Services Committee and its drafting of legislation to reform oversight of Fannie and Freddie and the secondary mortgage market. That legislation has passed the House each of the last two congresses but has been stuck in the Senate. Baker has also played a key role in drafting legislation to help rebuild New Orleans from the ravages of Hurricane Katrina.
Baker is just the latest of a growing list of key Republicans who have left Congress for one reason or another in recent months, including Deborah Pryce, the Republican Conference Chair, former House Speaker Dennis Hastert, former Senate Majority Leader Trent Lott, senior senators John Warner, Chuck Hagel and Pete Domenici.
