A Difficult Vote
Sometimes they’re easy. A bill comes to the floor and you just instinctively know how you will vote. Either it’s something you’ve always supported or always opposed or the bill is just clear-cut.
Such was not the case this week with the Housing Bill (H.R. 3221). This bill has been cooking all year and there were lots of moving pieces. In the end, it was over 700 pages long and was a grab bag of housing, regulatory and tax provisions. Some of these provisions I supported. Others I opposed viscerally. I wasn’t sure what I was going to do. So, I broke out the major provisions of the bill into the categories of things I hated, things I was okay with and things that could go either way. Here is how I saw those things:
Provisions I can’t stand:
The bill requires that Fannie Mae and Freddie Mac contribute 4.2 basis points of each new mortgage they make to an "affordable housing trust fund." This is a nearly $1 billion per year "slush fund" that would go primarily to organizations and community development agencies to promote low-income housing. This is just a huge handout to a small number of … Read More