Latest news with #SenateBanking
The Hill
2 hours ago
- Business
- The Hill
Senate panel advances bipartisan housing bill
The Senate Banking, Housing and Urban Affairs Committee on Tuesday advanced a bipartisan bill aimed at boosting housing supply, improving housing affordability and increasing the efficiency of federal regulators and housing programs. The committee unanimously voted to advance the Renewing Opportunity in the American Dream (ROAD) to Housing Act of 2025 — led by Chair Tim Scott (R-S.C.) and ranking member Elizabeth Warren (D-Mass.) — in the committee's first bipartisan housing markup in more than a decade. Scott touted the bipartisan effort and noted that it comes as senators' constituents, from all areas of the country, continue to point to housing access and affordability as a top economic concern of theirs. 'For far too long, Congress believed this problem was too big to solve. Today, we're taking not a step – but we're taking a leap in the right direction in a bipartisan fashion,' Scott said in remarks at the markup. 'Many people around the country are frustrated with the way we do American politics wonder, is there any issue that brings this nation together and I'm here to say, halleluiah! We have found one – it is housing. And halleluiah is a southern term, but it's a term of endearment. The massive legislation contains proposals from every member of the committee. The bill includes incentives for states and cities to boost housing supply, and it rewards communities that do so while lowering building costs. The bill cuts much of the red tape around zoning and building standards and streamlines inspections across federal programs to improve efficiency. It also contains provisions to eliminate duplicate regulatory requirements. The bill would instruct the Department of Housing and Urban Development (HUD) to develop a loan and grant program for certain homeowners and landlords to help address home repairs and health hazards, among other provisions. 'For years, the American people have called on their elected officials to act to reduce housing costs. The Scott-Warren legislation represents what is possible when both parties put families ahead of politics. It's a significant step in the right direction,' Warren said in her remarks. 'I'm happy today, but this is only a first step. Congress must do more. I look forward to continuing to work on these issues,' she continued, urging her colleagues to pass the legislation swiftly.
USA Today
9 hours ago
- Business
- USA Today
A bill to renew the 'American Dream' of housing just passed a Congressional hurdle
A Senate committee unanimously approved a major housing bill July 29, signaling bipartisan support for an issue that's plaguing constituents in districts around the country. The Renewing Opportunity in the American Dream to Housing Act of 2025 was sponsored by Senator Tim Scott, a Republican from South Carolina, and Senator Elizabeth Warren, a Massachusetts Democrat. The legislation aims to 'increase the supply of affordable housing in America' through a wide range of policies, including increasing construction, making small mortgages more attainable, reforming the appraisal process and supporting manufactured housing, among others. The legislation 'would be the most impactful and comprehensive piece of housing legislation since the Great Recession,' which began in 2007, said analysts at the Bipartisan Policy Center in a summary published after the bill passed through the Senate Banking, Housing, and Urban Affairs Committee. One hint at just how comprehensive the bill is: it incorporates part of at least 27 previously introduced pieces of legislation, the summary explained, of which 23 were introduced with bipartisan sponsors. The national housing crisis has deepened – and it's also becoming more wide-reaching. Both parties' major presidential candidates focused on it on the campaign trail last fall, and legislators around the country remain concerned. Shaun Donovan, CEO and president of Enterprise Community Partners, who served as secretary of the Department of Housing and Urban Development in the Obama administration, told USA TODAY in December, 'There is a political imperative that is much broader than I've ever seen around housing' as nearly every pocket of America, not just pricey coastal cities, becomes unaffordable. Home prices hit a new all-time high in 2024, with the median at $412,500. Using the traditional lender ratio of 31% debt-to-income, a borrower would need an annual income of at least $126,700 to afford a mortgage payment on a home of that price. 'Many people around the country, frustrated with the way we do American politics, wonder, is there any issue that brings this nation together?' said Senator Scott, who chairs the Senate Banking Committee, during the July 29 session. 'I'm here to say hallelujah! We have found one. It is housing.' Read next: The housing crisis threatens the American dream. What's next? Industry groups, including the National Association of Home Builders, the National Association of Realtors, and the Mortgage Bankers Association, released statements in support of the legislation. But even as advocates cheered the committee's step, some cautioned that the bill has a long way to go before it becomes law. The House of Representatives will take it up in the fall, noted the Bipartisan Policy analysts, adding, 'the bill proposes to enhance many existing federal housing programs and create new ones, but does not uniformly propose funding levels for these changes nor propose offsetting budgetary savings or revenue increases.'
Politico
6 days ago
- Politics
- Politico
Democrats succeed in vote to subpoena Epstein files
Speaker Mike Johnson is managing a delicate balance between appeasing antsy Republicans over the Jeffrey Epstein files and buying President Donald Trump time by shutting down the House early for August recess. The Louisiana Republican tried to quell dissent in a closed-door House GOP meeting Tuesday. He told members to stay united, arguing it would take time for the administration to release files that would also protect the names of Epstein's victims. But Republicans are getting impatient. In an Oversight subcommittee hearing Tuesday, lawmakers voted to compel the full committee to subpoena Epstein accomplice Ghislaine Maxwell. Oversight Chair James Comer (R-Ky.) later told reporters he had warned GOP leadership last week that if the Epstein files came up in his committee, most of his members would vote on the side of transparency. 'Everyone knew that,' Comer said, adding that his team will visit Maxwell in prison for the interview once they negotiate details with her attorneys. The saga has given Democrats just the platform they needed to land a successful blow on the White House. In her latest column, Rachael Bade outlines just how much the party has found its mojo in effectively hijacking the House and sticking it to Trump. Democratic efforts to further drive the MAGA wedge has legs beyond this week. The bipartisan bill led by Reps. Thomas Massie (R-Ky.) and Ro Khanna (D-Calif.), which would compel the release of more files, could hit the floor as soon as lawmakers return in September. That means Republican leaders are bracing for Democrats to keep the Epstein issue hot during August recess. And some of their own members who are itching for an outlet acknowledge that five weeks off may not stop Johnson's headache. 'The Epstein issue has contributed to their desire to just get us out of town because they hope that the energy will dissipate,' Massie told reporters Tuesday. 'I doubt that's the case.' What else we're watching: — Dems' appropriations strategy: As the Senate continues working through appropriations bills, Democrats met Tuesday to discuss their demands ahead of a government shutdown deadline in September. The Democratic leaders emerged Tuesday with no specific ultimatums for Republicans but called for them to negotiate in good faith. — Senate's version of the CLARITY Act: Senate Banking Chair Tim Scott (R-S.C.) and Sens. Cynthia Lummis of Wyoming, Bill Hagerty of Tennessee and Bernie Moreno of Ohio released draft legislation Tuesday for a digital asset market structure overhaul. It's the Senate's version of the House's CLARITY Act, which passed the House on July 17 with support from 78 Democrats and would divvy up regulation of digital assets under the Securities and Exchange Commission and the Commodity Futures Trading Commission. — More funding clawbacks: Republican leaders are in talks with the White House about a second rescissions package, after pushing through the first rescissions package last week. The package would include Education Department funding, which was first reported by the Daily Signal. House Majority Leader Steve Scalise did not disclose the specifics of upcoming rescissions but told POLITICO talks were well underway. Meredith Lee Hill, Hailey Fuchs, Jasper Goodman, Juan Perez Jr. and Eli Stokols contributed to this report.
Politico
6 days ago
- Politics
- Politico
GOP lawmakers shrug off a new report that Trump's name was in the Epstein files
Speaker Mike Johnson is managing a delicate balance between appeasing antsy Republicans over the Jeffrey Epstein files and buying President Donald Trump time by shutting down the House early for August recess. The Louisiana Republican tried to quell dissent in a closed-door House GOP meeting Tuesday. He told members to stay united, arguing it would take time for the administration to release files that would also protect the names of Epstein's victims. But Republicans are getting impatient. In an Oversight subcommittee hearing Tuesday, lawmakers voted to compel the full committee to subpoena Epstein accomplice Ghislaine Maxwell. Oversight Chair James Comer (R-Ky.) later told reporters he had warned GOP leadership last week that if the Epstein files came up in his committee, most of his members would vote on the side of transparency. 'Everyone knew that,' Comer said, adding that his team will visit Maxwell in prison for the interview once they negotiate details with her attorneys. The saga has given Democrats just the platform they needed to land a successful blow on the White House. In her latest column, Rachael Bade outlines just how much the party has found its mojo in effectively hijacking the House and sticking it to Trump. Democratic efforts to further drive the MAGA wedge has legs beyond this week. The bipartisan bill led by Reps. Thomas Massie (R-Ky.) and Ro Khanna (D-Calif.), which would compel the release of more files, could hit the floor as soon as lawmakers return in September. That means Republican leaders are bracing for Democrats to keep the Epstein issue hot during August recess. And some of their own members who are itching for an outlet acknowledge that five weeks off may not stop Johnson's headache. 'The Epstein issue has contributed to their desire to just get us out of town because they hope that the energy will dissipate,' Massie told reporters Tuesday. 'I doubt that's the case.' What else we're watching: — Dems' appropriations strategy: As the Senate continues working through appropriations bills, Democrats met Tuesday to discuss their demands ahead of a government shutdown deadline in September. The Democratic leaders emerged Tuesday with no specific ultimatums for Republicans but called for them to negotiate in good faith. — Senate's version of the CLARITY Act: Senate Banking Chair Tim Scott (R-S.C.) and Sens. Cynthia Lummis of Wyoming, Bill Hagerty of Tennessee and Bernie Moreno of Ohio released draft legislation Tuesday for a digital asset market structure overhaul. It's the Senate's version of the House's CLARITY Act, which passed the House on July 17 with support from 78 Democrats and would divvy up regulation of digital assets under the Securities and Exchange Commission and the Commodity Futures Trading Commission. — More funding clawbacks: Republican leaders are in talks with the White House about a second rescissions package, after pushing through the first rescissions package last week. The package would include Education Department funding, which was first reported by the Daily Signal. House Majority Leader Steve Scalise did not disclose the specifics of upcoming rescissions but told POLITICO talks were well underway. Meredith Lee Hill, Hailey Fuchs, Jasper Goodman, Juan Perez Jr. and Eli Stokols contributed to this report.
Politico
6 days ago
- Politics
- Politico
Rep. James Comer subpoenas Ghislaine Maxwell to testify next month
Speaker Mike Johnson is managing a delicate balance between appeasing antsy Republicans over the Jeffrey Epstein files and buying President Donald Trump time by shutting down the House early for August recess. The Louisiana Republican tried to quell dissent in a closed-door House GOP meeting Tuesday. He told members to stay united, arguing it would take time for the administration to release files that would also protect the names of Epstein's victims. But Republicans are getting impatient. In an Oversight subcommittee hearing Tuesday, lawmakers voted to compel the full committee to subpoena Epstein accomplice Ghislaine Maxwell. Oversight Chair James Comer (R-Ky.) later told reporters he had warned GOP leadership last week that if the Epstein files came up in his committee, most of his members would vote on the side of transparency. 'Everyone knew that,' Comer said, adding that his team will visit Maxwell in prison for the interview once they negotiate details with her attorneys. The saga has given Democrats just the platform they needed to land a successful blow on the White House. In her latest column, Rachael Bade outlines just how much the party has found its mojo in effectively hijacking the House and sticking it to Trump. Democratic efforts to further drive the MAGA wedge has legs beyond this week. The bipartisan bill led by Reps. Thomas Massie (R-Ky.) and Ro Khanna (D-Calif.), which would compel the release of more files, could hit the floor as soon as lawmakers return in September. That means Republican leaders are bracing for Democrats to keep the Epstein issue hot during August recess. And some of their own members who are itching for an outlet acknowledge that five weeks off may not stop Johnson's headache. 'The Epstein issue has contributed to their desire to just get us out of town because they hope that the energy will dissipate,' Massie told reporters Tuesday. 'I doubt that's the case.' What else we're watching: — Dems' appropriations strategy: As the Senate continues working through appropriations bills, Democrats met Tuesday to discuss their demands ahead of a government shutdown deadline in September. The Democratic leaders emerged Tuesday with no specific ultimatums for Republicans but called for them to negotiate in good faith. — Senate's version of the CLARITY Act: Senate Banking Chair Tim Scott (R-S.C.) and Sens. Cynthia Lummis of Wyoming, Bill Hagerty of Tennessee and Bernie Moreno of Ohio released draft legislation Tuesday for a digital asset market structure overhaul. It's the Senate's version of the House's CLARITY Act, which passed the House on July 17 with support from 78 Democrats and would divvy up regulation of digital assets under the Securities and Exchange Commission and the Commodity Futures Trading Commission. — More funding clawbacks: Republican leaders are in talks with the White House about a second rescissions package, after pushing through the first rescissions package last week. The package would include Education Department funding, which was first reported by the Daily Signal. House Majority Leader Steve Scalise did not disclose the specifics of upcoming rescissions but told POLITICO talks were well underway. Meredith Lee Hill, Hailey Fuchs, Jasper Goodman, Juan Perez Jr. and Eli Stokols contributed to this report.
