House Financial Services Passes Seven Bills on Housing and Capital Markets
Last week, the House Financial Services Committee (HFSC) passed several bills, mainly concerning housing and capital markets.
Included in the Committee actions were three bills passed on housing, including H.R. 149, introduced by Congressman Al Green (D-Texas). This legislation, dubbed the Housing Fairness Act, would make changes to and authorize more funding for the Department of Housing and Urban Development’s Fair Housing Initiatives Program.
Another bill, H.R. 4351, the Yes in My Backyard Act introduced by Committee Chairwoman Maxine Waters (D-Calif.), would demand more accountability and reporting of land use for those who receive Community Development Block Grant funding. Another bill introduced by Chairwoman Waters, the Housing Is Infrastructure Act, authorizes more than $100 billion in federal spending for public housing and supportive housing for seniors, people with disabilities, and Native Americans.
Some of the bills on capital markets include the Shareholder Political Transparency Act, introduced by Rep. Bill Foster (D-Ill,), who chairs the Committee’s Task Force on Artificial Intelligence, as well as the Workforce Investment Disclosure Act, introduced by Rep. Cindy Axne (D-Iowa). The former requires public companies to disclose the date, amount, and nature of political expenditures, while the latter requires them to disclose how they manage their employees.
Of the last two bills, H.R. 5931, the Improving FHA Support for Small Dollar Mortgages Act introduced by Reps. William Lacy Clay (D-Mo.) and Steve Stivers (R-Ohio), would require more accountability for the Federal Housing Administration to review its policies and report any barriers to Congress. Finally, the Ensuring Chinese Debt Transparency Act, introduced by Congressman French Hill (R-Ark.), addresses concerns about China’s predatory debt cycle.
Along with the bills passed, the HFSC approved estimates for the 2021 budget resolution, as well as a resolution to elect a minority member to Subcommittees.