Washington Update - 09/12/2006 (Plain Text Version)

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Builder Concerns Addressed at FHLB Hearing

The House Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises convened last week to examine the Federal Home Loan Bank system. At NAHB’s request, lawmakers pressed Ronald Rosenfeld, the chairman of the Federal Housing Finance Board, on why the FHFB was dragging its feet in appointing directors. NAHB has been urging the FHFB to act promptly to fill these vacancies.

In addition, nearly all of the members of the subcommittee told Rosenfeld that they opposed a proposed rule on retained earnings – a proposal that also received more than 1,000 negative comments from lenders, affordable housing coalitions and trade groups. Many arguments against the proposal cited by lawmakers came directly from a comment letter submitted by NAHB. By the end of the hearing, Chairman Rosenfeld conceded that aspects of the rule would need to be revisited and that the FHFB would look at potential changes. For more information, e-mail Scott Meyer or call him at 800-368-5242, x8144.

Builders Step Up Push for House Storm Water Bill

With time running short before Congress adjourns for the year, builders are in the midst of a grassroots push to advance critical storm water legislation and are urging House members to support H.R. 5558, the “Stormwater Enforcement and Permitting Act.”

Introduced on June 8 by Rep. John Duncan (R-Tenn.) and 16 bipartisan cosponsors, the legislation would update and improve the Environmental Protection Agency’s (EPA) duplicative and burdensome storm water permit and enforcement policies, which can add anywhere from $1,400 to $4,500 to the cost of a residential lot. The bill, which now has 52 cosponsors, takes into account the differences between residential and other construction activities.

With lawmakers planning to recess in early October to campaign for the November elections, it is urgent to build momentum for H.R. 5558 now because it is unclear whether a new Congress will be as receptive to supporting the measure. Builders troubled over how current storm water regulations unduly increase housing costs while doing little to improve water quality are encouraged to contact their members of Congress today and ask them to support H.R. 5558 by adding their name as a cosponsor to the bill.

To voice your opinion to federal lawmakers, send a letter asking them to support H.R. 5558 by logging on to www.capitolconnect.com/nahb. To view a one-page summary of the bill, click here. To read the legislation, click here and enter H.R. 5558 in the box at the center of the page. For more information, e-mail Jim Tobin, or call him at 1-800-368-5242, ext. 8258. [return to top]