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  • The Bigger Picture: Housing Subsidies and National Economies
    Jun 13, 2013 - A survey of housing finance in other countries sheds light on the distortion that government subsidies for housing can cause in national economies. Professors at New York University’s Stern School of Business have pointed out that one thing that Spain and the United States have in common is a “massi... More
  • Media Buzz: That Time American Exceptionalism Isn’t So Exceptional
    Jun 13, 2013 - Contrary to the Fannie & Freddie defenders’ assertions that America’s unique GSE-model of housing finance is the “envy of the world,” yesterday’s full committee hearing found that the U.S. ranks only 17th in the world in terms of the rate of homeownership. Our 65% homeownership rate puts us behind ... More
  • How the U.S. GSE Model Measures Up to the Rest of the World: We’re Number... 17?
    Jun 11, 2013 - Proponents of the GSE model of housing finance often assert that the costs of that model are justified because it provides benefits that no other countries enjoy. In fact, before the collapse of the GSEs in 2008, their supporters often argued that “American housing finance is the envy of the world.... More
  • H.R. 1256 Calls for the CFTC and SEC to Work Together
    Jun 10, 2013 - On Wednesday the House will consider H.R. 1256, the Swap Jurisdiction Certainty Act. The Problem: Swaps are uniquely tailored financial products traded globally (cross-border) by a variety of industries to manage risk. Under the Dodd-Frank Act, the Securities and Exchange Commission (SEC) and the C... More
  • Weekly Rundown
    Jun 10, 2013 - We’ll hold four hearings -- including full committee action on sustainable housing finance reform -- this week in addition to our three (and a half) bills on the House Floor. Be sure to check back here on the Bottom Line Blog -- and subscribe to our email lists -- for updates throughout the week. H... More
  • Weekend Must Reads
    Jun 9, 2013 - Wall Street Journal: The Hidden Jobless Disaster At the present slow pace of job growth, it will require more than a decade to get back to full employment defined by pre-recession standards. Bloomberg: Can the Fed Make Up Its Mind on QE? When the Federal Reserve first introduced its either/or stance... More
  • Media Buzz: FSOC Designates Non-Bank Financial Institutions as 'Too Big to Fail'
    Jun 4, 2013 - Yesterday the Financial Stability Oversight Council (FSOC) put hardworking taxpayers at greater risk of being forced to fund yet another Wall Street bailout. Under their Dodd-Frank authority, the FSOC took preliminary steps to designate several non-bank financial institutions, including AIG, Prudent... More
  • Weekly Rundown
    Jun 3, 2013 - On Wednesday the Capital Markets & GSEs Subcommittee will hold our only scheduled hearing for the week examining the market power and impact of proxy advisory firms. But don’t get too comfortable. Next week we’ve scheduled four hearings, including a full committee hearing on alternative housing fin... More
  • Weekend Must Reads
    May 26, 2013 - Phil Gramm and Steve McMillin: The Debt Problem Hasn’t Vanished President Obama has raised the national debt by nearly $6.2 trillion, the equivalent of $78,385 per family of four. It is true that projected deficits recently have been reduced…But unless the economy soars, or a significant budget agre... More
  • Obama Treasury Secretary: ‘We are overachieving on deficit reduction’
    May 23, 2013 - During the first term of the Obama administration, our nation racked up four straight years of trillion dollar-plus deficits and as much debt as was accumulated in our first 200 years. Under President Obama, our national debt has increased by more than $6 trillion – the largest increase under any pr... More