Within the Senate Committee on Banking, Housing and City Affairs, newly minted Chairman Tim Scott (R-S.C.) introduced the committee’s legislative and oversight priorities for the 119th Congress. The first focus is on deregulation, however Scott additionally talked about laws he launched final yr that’s designed to deal with nationwide problems with housing provide and oversight.
“The American dream of homeownership is slipping away as progressive spending and rules have pushed housing prices to record-highs,” the agenda reads. “To fight this disaster, Chairman Scott will champion commonsense options, like his ROAD to Housing Act, which can revitalize the housing market.”
The Senate banking committee additionally pledges to “evaluate how overregulation contributes to extreme prices and delays within the provide of inexpensive housing and can prioritize struggling households over including to the forms that has did not assist them.”
“By making focused reforms and increasing alternatives for households and communities throughout the nation, the committee will pursue significant, impactful change,” its agenda defined.
Scott launched the ROAD to Housing Act in September 2024 throughout the run-up to the election. It might broaden the oversight of federal housing applications, make modifications to mortgage officer compensation to spur originations of small-dollar mortgages, and create extra counseling necessities for homebuyers, amongst different issues.
On the time, the Mortgage Bankers Affiliation (MBA) stated it was engaged with Scott’s workplace in regards to the invoice, however the commerce group added that any path ahead would largely be decided by the partisan make-up of Congress in 2025.
“The invoice, lengthy within the works, is meant to be a marker for Sen. Scott’s preliminary engagement on housing coverage ought to Republicans win a Senate majority in November — and may he, as anticipated, develop into the Chair of the Senate Banking Committee,” the MBA said in a member replace final fall.
“Provided that the invoice has been launched with no Democratic co-sponsors, any laws thought of within the 119th Congress on housing coverage would contain negotiations, modifications, and extra coverage provisions.”
Scott additionally briefly talked about housing and homeownership points in an look this week on CNBC‘s “Squawk Field” to stipulate the priorities of the committee within the new time period.
“Rates of interest spiking as a result of inflation was so excessive, making homeownership for thus many People outdoors of their attain,” Scott stated. “How can we do one thing about that? Effectively, No. 1, many of the home-owner query is a neighborhood query. I feel we are able to present some incentives — whether or not we use our Neighborhood Growth Block Grants — that may enable states and localities to create extra alternatives for householders.”
One excellent merchandise is a committee affirmation vote for Scott Turner, Trump’s choose to guide the U.S. Division of Housing and City Growth (HUD). After his affirmation listening to final week, Turner’s nomination will must be superior by the committee to the total Senate, which may then vote to verify Turner for the place.
Scott has not indicated a date to advance Turner’s nomination. Within the meantime, Trump appointed a profession HUD official, Matthew Ammon, to function appearing secretary till Turner is confirmed.
In the meantime, the Home Monetary Providers Committee held its first organizational assembly of the brand new time period. This gave new chairman French Hill (R-Ark.) the chance to put out the bulk social gathering’s agenda.
“We are going to […] defend customers by enhancing their monetary privateness, reinvigorate the housing market with commonsense reforms, and proceed to offer robust oversight of how our monetary regulators wield the mighty energy they maintain,” Hill stated in his opening remarks on the listening to.
Rep. Maxine Waters (D-Calif.), the committee’s rating member, additionally addressed housing in her personal remarks. A longtime critic of Republican insurance policies broadly and the Trump administration particularly, Waters contended that the oversight plan pushed by the bulk doesn’t go far sufficient to deal with housing and cost-of-living challenges.
“The plan is silent in regards to the ache thousands and thousands of households expertise attempting to pay their hire or mortgage, hold meals on the desk or save for retirement due to the more and more unaffordable price of residing,” Waters instructed Hill. “Mr. Chairman, this plan additionally misses the mark and fails to put out how this committee plans to work on behalf of the American individuals.”
