As the Senate debates its latest regulatory relief bill, S. 2155 or the Economic Growth, Regulatory Relief and Consumer Protection Act, Realtors joined the conversation to urge its passage into law.
This week, the Senate is working through the bill as it sorts through the more than 100 proposed amendments. While the final vote was originally expected last week, it was pushed back in order to consider the amendments.
Monday, the Senate considered S. amendment 2151 and S. amendment 2152, later invoking cloture on SA 2151 in a vote of 66 to 30.
Now, the National Association of Realtors is voicing its support for the bill, explaining the benefits NAR says it would bring to the housing industry and urging Congress to pass it into law.
“The Economic Growth, Regulatory Relief, and Consumer Protection Act contains some favorable provisions for the housing industry, including expanding Fannie Mae and Freddie Mac’s use of alternative credit scoring models; holding Property Assessed Clean Energy, or PACE, loans more accountable; and improving access to manufactured housing, as well as easing credit through reduced regulatory burdens on smaller community banks and credit unions,” NAR President Elizabeth Mendenhall said.
“Realtors believe that financial regulations needs to be balanced with appropriate consumer protections, and we believe this bill achieves that goal; we urge Congress and the administration to enact S. 2155 into law,” Mendenhall said.
The bill was sponsored by Banking Committee Chairman Mike Crapo, R-Idaho, with nearly 20 co-sponsors on both sides of the aisle, was introduced in the Committee on Banking, Housing and Urban Affairs. Because of its bipartisan nature, the bill is expected to pass in the Senate.
Other members of the housing industry, including the Mortgage Bankers Association, the National Association of Home Builders and the Independent Community Bankers of America, previously voiced their support for the bill. Read more about that, here.