Capitol Report: Fannie-Freddie reform could rewrite a familiar Washington script


They called it “Gucci Gulch.”

All throughout 1986, while legislators hammered out the biggest tax reform package in American history, special-interest groups and their expensively-shod lawyers gathered in the halls of Congress, trying to make sure their concerns were reflected in the policy being drafted.

A popular book immortalized the idea of Gucci Gulch, a place where lawmakers and representatives of the people pull all-nighters in the pursuit of Big Policy Goals — and the conceit gets trotted out any time Big Policy, especially if it concerns taxes or financial services, is up for discussion.

Now, on the eve of what might be the biggest overhaul of the housing finance system in decades, the interest groups are once again mobilizing.

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