in 2003, the bush administration attempted to create an agency to oversee fannie mae and freddie mac. the bill never made progress in congress, facing sharp opposition by democrats. in 2005, the republican controlled house of representatives passed a gse reform bill (federal housing finance reform act) which "would have created a stronger regulator with new powers to increase capital at fannie and freddie, to limit their portfolios and to deal with the possibility of receivership". however, the bush administration opposed the bill and it died in the senate. of the bill and its reception by the bush white house, ohio republican mike oxley (the bill's author) said: "the critics have forgotten that the house passed a gse reform bill in 2005 that could well have prevented the current crisis. all the handwringing and bedwetting is going on without remembering how the house stepped up on this. what did we get from the white house? we got a one-finger salute." the bush economic policy regarding fannie mae and freddie mac changed during the economic downturn of 2008, culminating in the federal takeover of the two largest lenders in the mortgage market. further economic challenges have resulted in the bush administration attempting an economic intervention, through a requested $700 billion bailout package for wall street investment houses.