RHS freshman Minha Lee, receives award in the 2013 Congressional Art Competition from Congressman Scott Garrett
Rep. Garrett Issues Statement on President Obama’s Housing Finance Speech
Aug 6, 2013
Ridgewood , NJ – Rep. Scott Garrett (R-NJ), Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, issued the following statement today after President Obama spoke in Arizona on housing finance reform.
“While I welcome today’s speech, it once again demonstrates President Obama’s inexcusable delay in addressing our nation’s biggest problems. For the past five years, the president has ignored the true causes of the financial crisis—the government’s misguided efforts at allocating credit through Fannie Mae and Freddie Mac. The president’s failure to address the largest bailout in our history has only emboldened Washington bureaucrats to continue the federal government’s domination of the housing finance market. Americans deserve better.
“If the president is sincere about having private capital play more of a role in our housing finance system, the first thing he can do is stop his CFPB’s regulatory tsunami on private lenders. Specifically, he can halt the CFPB’s new so-called Qualified Mortgage Rule, the soon to be announced Risk-Retention Rule, the unconstitutional legal theory of Disparate Impact, and increased burdensome rules on community banks and credit unions.
“Next, he can embrace the policies that his administration has already advocated for by supporting the Protecting American Taxpayers and Homeowners (PATH) Act. With the recent passage of the PATH Act, the Financial Services Committee has taken the lead in protecting hard-working taxpayers and homebuyers from future Wall Street bailouts. We welcome President Obama’s support.
“It is time for the president to get off the campaign trail and get to work. Rather than making another speech several thousand miles from Washington, I invite the president to come to Capitol Hill, roll up his sleeves, and join House Republicans in working to create a sustainable housing finance system that never again puts American taxpayers on the hook for a big Wall Street bailout.”
