[Congressional Record (Bound Edition), Volume 158 (2012), Part 13]
[Senate]
[Pages 18625-18626]
[From the U.S. Government Publishing Office, www.gpo.gov]




                   FHA EMERGENCY FISCAL SOLVENCY ACT

  Mr. BROWN of Ohio. Mr. President, on Sunday, we confirmed Carol 
Galante as the new Commissioner of the Federal Housing Administration, 
FHA. I want to thank my 19 Republican colleagues who supported her 
nomination. It was an important step forward for FHA. I give a special 
thanks to Senator Corker for his work, my colleague on the Senate 
Banking Committee.
  My Democratic colleagues and I have cleared an important commonsense

[[Page 18626]]

piece of legislation on our side. It was passed overwhelmingly in the 
House. But we have received little cooperation from some of our 
Republican colleagues because it does not include everything they want.
  It is clear that FHA's Mutual Mortgage Insurance Fund is facing 
significant financial issues. Two years ago, Senator Begich and I 
introduced an FHA reform bill. For a time we collaborated with Senator 
Vitter from Louisiana, who has worked with me on legislation with the 
GAO and other things, and with Senator Isakson on that effort, so I 
know many of my Republican colleagues are committed to these issues. 
Unfortunately, some of their conservative colleagues blocked the 
legislation that would have given FHA additional authority to protect 
taxpayers.
  We should not wait any longer. This is technically the last full day 
of this Congress. We should not wait any longer to enact sensible 
measures that will put FHA back on a path to financial stability.
  With limited time remaining in the legislative session, passing the 
House's FHA reform legislation, H.R. 4264, is a necessary and 
responsible step to give FHA additional authority to protect taxpayers. 
Passing this bill will not prevent us from doing more next session. 
That is what I want to do. I think most Members in both parties in the 
Banking Committee want to do that. I expect we will consider reforms 
very soon.
  In the meantime, though, we should pass this commonsense, bipartisan 
reform measure. As I mentioned, it passed the House of Representatives 
by a margin of 402 to 7. So it has support all across the political 
spectrum, from people of all views and philosophies and ideologies. 
Unfortunately, a small number of people continue to stand in the way of 
these taxpayer protections.
  I do not plan to ask unanimous consent today. I would like to do 
that; I will not do that. I am hopeful that those who oppose this might 
be willing to come to the floor and discuss this and see if we can move 
this legislation on the last full day of this Congress, so we can then 
take that step and then work this coming year in the new Congress on 
further reforms.
  I yield the floor.
  I suggest the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The legislative clerk proceeded to call the roll.
  Mr. CONRAD. Mr. President, I ask unanimous consent that the order for 
the quorum call be rescinded.
  The PRESIDING OFFICER (Mr. Udall of New Mexico). Without objection, 
it is so ordered.

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