A picture of Senator Sherrod Brown
Sherrod B.
Democrat OH

About Sen. Sherrod
  • Fha Emergency Fiscal Solvency Act

    by Senator Sherrod Brown

    Posted on 2013-01-02

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    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 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.

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