[Congressional Record Volume 146, Number 135 (Wednesday, October 25, 2000)]
[Extensions of Remarks]
[Page E1921]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




      AMERICAN HOMEOWNERSHIP AND ECONOMIC OPPORTUNITY ACT OF 2000

                                 ______
                                 

                               speech of

                          HON. ASA HUTCHINSON

                              of arkansas

                    in the house of representatives

                       Tuesday, October 24, 2000

  Mr. HUTCHINSON. Mr. Speaker, I rise today to commend Chairman Leach, 
Chairman Lazio, Mr. LaFalce, and my colleagues on the House Banking 
Committee for their tireless work on moving legislation that brings 
some much-needed reforms to the housing industry. For the most part, S. 
1452 is a product of which we should all be very proud.
  Furthermore, I am pleased to see that several components of H.R. 
1776, the Housing and Economic Opportunity Act, have been included in 
S. 1452. As my colleagues may remember, H.R. 1776 passed our Chamber 
earlier in the year by an overwhelming and bipartisan vote of 417 to 8. 
However, there is one particular omission that concerns me. 
Unfortunately, this omission may ultimately have an impact on the 
number of families who may realize the American dream of homeownership.
  The provision that has been omitted from S. 1452 is section 102 of 
H.R. 1776. Section 102 requires that the Federal Government perform a 
housing impact analysis before it issues new regulations. The impact 
analysis would determine if a significant negative impact on affordable 
housing would result from those new regulations. ``Significant'' would 
be defined as increasing consumers'' cost of housing by more than 
$100,000,000 per year. Further, Mr. Chairman, H.R. 1776 stipulates that 
the private sector would have an opportunity to submit an alternative 
to the proposed regulation if it would have less of a negative impact 
on the cost of homeownership.
  As with the other provisions in title I of H.R. 1776, the goal of the 
housing impact analysis is to alert federal agencies and the general 
public of the impact of regulation on housing affordability. 
Ultimately, the objective would be to help bring down the cost of a 
home by minimizing regulations that pose a barrier to homeownership. 
The housing impact analysis addresses this issue by requiring the 
Federal Government to perform an ``internal check'' to see if the 
regulation might be constructed in a better way that would not lock 
individuals out of homeownership.
  I see this internal check as a positive action, Mr. Speaker, and I am 
concerned that this worthy provision, a provision 417 of my colleagues 
supported, was left out S. 1452. I hope that this concept does not die 
with the closing of the 106th Congress, but is reviewed again next 
year, with the commencement of the 107th.

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