Blog

UPDATE: After releasing details of the PATH Act, the full committee held a hearing entitled “A Legislative Proposal to Protect American Taxpayers and Homeowners by Creating a Sustainable Housing Finance System” on July 17, 2013, bringing the total to 12 hearing and more than 50 witnesses on this subject since January. We've blogged before about the importance of holding in-depth hearings with leading experts and stakeholders before advancing important legislation. That's why we've held 11 hearings this year to gather a wide variety of ideas and opinions on how to best reform America's governme... Read More »

Housing & Insurance Subcommittee Chairman Randy Neugebauer talked about the Protecting American Taxpayers and Homeowners Act on Fox Business's The Willis Report yesterday evening. He also spoke about the housing reform plan on KFYO’s Lubbock First News. The full committee will hold a hearing on the PATH Act discussion draft this Thursday at 1 p.m. Read More »

This week we'll hold two major full committee hearings. Be sure to check back here on the Bottom Line Blog -- and sign up for our email updates -- for more information throughout the week. Here's what's happening: On Wednesday, the full committee welcomes Federal Reserve Chairman Ben Bernanke at 10 a.m. for the July Humphrey-Hawkins hearing. The Fed Chief's testimony, as well as his accompanying semi-annual Monetary Policy Report, will be released at 8:30 a.m. on Wednesday by the Federal Reserve. This is a change from earlier practice when the testimony and report were not released until the s... Read More »

Leaders of the Financial Services Committee have proposed the PATH Act – the Protecting American Taxpayers and Homeowners Act (.pdf) – to create a sustainable housing finance system for the 21st century. The proposal: Ends the taxpayer-funded bailout of Fannie Mae and Freddie Mac that has cost taxpayers nearly $200 billion – the largest bailout in history; Increases competition by ending the federal government’s domination and control of the housing finance market; and Gives consumers more choices in determining which mortgage best suits their needs. The biggest myth we are hearing about the P... Read More »

Chairman Jeb Hensarling delivers this week's Sunday Video Message introducing the Protecting American Homeowners and Taxpayers Act, the PATH Act for short. Read More »

Wall Street Journal: Housing Reform Breakout The House GOP moves to revive the private home mortgage market. New York Times: Diverging Debate at Fed on When to End Stimulus Federal Reserve Chairman Ben Bernanke said on Wednesday that the Fed was likely to extend the centerpiece of its campaign to bolster the economy — keeping short-term interest rates close to zero — even as it prepares to wind down another key stimulus program that faces mounting internal opposition. Washington Examiner: Costs spiral for CFPB’s lavish new headquarters as Congress fumes Renovation costs for the Consumer Financ... Read More »

Wall Street Journal Editorial: Housing Reform Breakout One perverse result of the financial crisis is that Washington has nationalized housing finance. Taxpayers guarantee about 85% of new mortgages, some $5.1 trillion in mortgage credit and growing. So it's a big and welcome political breakthrough that House Republicans are taking steps to protect taxpayers and restore some rationality to housing markets. On Thursday, House Financial Services Chairman Jeb Hensarling unveiled legislation to close down Fannie Mae and Freddie Mac, add much-needed discipline to the Federal Housing Administration... Read More »

Welcome back from the Independence Day break! We kick off the last four-week stretch of congressional activity before August with two suspensions and three hearings this week. Be sure to check back here on the Bottom Line Blog -- and sign up for our email updates -- for more information throughout the week. Here's what's happening: On Monday the House is expected to consider H.R. 1564, the Audit Integrity and Job Protection Act and H.R. 1341, the Financial Competitive Act of 2013 under suspension of the rules. On Tuesday at 10 a.m. the Financial Institutions and Consumer Credit Subcommittee ex... Read More »

At a time when Washington is awash in scandals over mass surveillance and political targeting, the CFPB is amassing tens of millions of your private financial records and consumer data. According to Investors Business Daily, the "massive database of personal information" includes "monthly credit card, mortgage, car and other payments," giving the bureau a snapshot of your bill-paying and spending habits. Unfortunately, this questionable seizure of private financial data is only half the story. Not only is the CFPB needlessly invading Americans' privacy, their actions could be putting you at gr... Read More »

Pennsylvania Congressman Keith Rothfus (Facebook | Twitter) delivers this week's Sunday Video Message. He shares his reaction to Wednesday's full committee hearing on "Too Big to Fail" in the post-Dodd-Frank world. Spoiler Alert! Dodd-Frank did not, does not and will not end Too Big to Fail. Read More »