made reality, when the US government took action to prevent the collapse of both corporations. The US Treasury Department and the Federal Reserve took several steps to bolster confidence in the corporations, including extending credit limits, granting both corporations access to Federal Reserve low-interest loans (at similar rates as commercial banks), and potentially allowing the Treasury Department to own stock. This event also renewed calls for stronger regulation of GSEs by the government. President Bush recommended a significant regulatory overhaul of the housing finance industry in 2003, but many Democrats opposed his plan, fearing that tighter regulation could greatly reduce financing for low-income housing, both low- and high-risk. Bush opposed two other acts of legislation: Senate Bill S. 190, the Federal Housing Enterprise Regulatory Reform Act of 2005, which was introduced in the Senate on January 26, 2005, sponsored by Senator Chuck Hagel (R–NE) and co-sponsored by Senators Elizabeth Dole (R–NC) and John Sununu (R–NH). S. 190 was reported out of the Senate Banking Committee on July 28, 2005, but never voted on by the full Senate. On May 23, 2006, the Fannie Mae and Freddie Mac regulator, the Office of Federal Housing Enterprise Oversight, issued the results of a 27-month-long investigation. On May 25, 2006, Senator McCain joined as a co-sponsor to the Federal Housing Enterprise Regulatory Reform Act of 2005 (first put forward by Sen. Chuck Hagel) where he pointed out that Fannie Mae and Freddie Mac's regulator reported that profits were "illusions deliberately and systematically created by the company's senior management". However, this regulation too met with opposition from both Democrats and Republicans. Political connections Several executives of Fannie Mae or Freddie Mac include Kenneth Duberstein, former Chief of Staff to President Reagan, advisor to John McCain's Presidential Campaign in 2000, and President George W. Bush's transition team leader (Fannie Mae board member 1998–2007); Franklin Raines, former Budget Director for President Clinton, CEO from 1999 to 2004—statements about his role as an advisor to the Obama presidential campaign have been determined to be false; James Johnson, former aide to Democratic Vice-President Walter Mondale and ex-head of Obama's Vice-Presidential Selection Committee, CEO from 1991 to 1998; and Jamie Gorelick, former Deputy Attorney General to President Clinton, and Vice-Chairman from 1998 to 2003. In his position, Johnson earned an estimated $21 million; Raines earned an estimated $90 million; and Gorelick earned an estimated $26 million. Three of these four