Hensarling, Hurt talk GSE reform, reg burden
Rep. Jeb Hensarling, left, with NAFCU President and CEO B. Dan Berger (Dietsch photo)
Sept. 11, 2013 – House Financial Services Committee Chairman Jeb Hensarling, R-Texas, and panel member Robert Hurt, R-Va., discussed the importance of credit unions in their communities during NAFCU Congressional Caucus addresses Tuesday that also touched on housing finance and tax reforms.
Hensarling told attendees, “You represent credit unions; financial institutions critical to funding the American Dream.” He said credit unions play a key role in promoting economic growth. Hurt spoke about the importance of credit unions’ role in small rural communities such as the ones in his district.
Hensarling, a chief sponsor of H.R. 2767, the “Protecting American Taxpayers and Homeowners (PATH) Act,” would phase out Fannie Mae and Freddie Mac in a five- to seven-year period, the goal being to have private capital fill the void. NAFCU is closely following the legislation and working to ensure credit unions continued, unfettered access to the secondary mortgage market for credit union mortgage loans.
Hensarling said he understood credit unions’ the plight regarding the GSEs and the continual growth in burden from new regulations. “If [we] had the votes today, I would repeal Dodd-Frank,” he said. He told attendees he would do what he could to take “Washington regulations off your backs.”
Hurt encouraged credit union attendees to continue to reach out to their lawmakers to seek more regulatory relief. “I can tell you that being engaged with us as we go through and deal with these challenging issues – whether it be home mortgage finance reform … or tax reform – we can’t do our job unless we hear from you all, the people we represent.”
NAFCU Congressional Caucus
Housing finance reform