May 15, 2014


Washington, D.C. – Today, the Senate Banking, Housing and Urban Affairs Committee resumed consideration of S. 127, the Housing Finance Reform and Taxpayer Protection Act of 2013.  The legislation being marked up included a bipartisan agreement drafted by Chairman Tim Johnson (D-South Dakota) and Ranking Member Crapo, and is designed to stabilize the housing finance market and strengthen the American economy.  The legislation will end the government domination of the U.S. housing market and re-establish the private sector as the engine of housing finance.
Ranking Member Crapo’s Statement as Prepared for Delivery:  
"Thank you, Mr. Chairman.  I appreciate our working relationship and look forward to moving this legislation not only through the Committee, but to the Floor. This Committee is set to approve housing finance reform legislation with a bipartisan majority.  Today is an important day and one of which we should all be proud. 
"Thank you again to you, Mr. Chairman; to all of my colleagues on the Committee and their staffs; and to the countless individuals and stakeholder groups who have helped make this process successful.
"For the first time in the nearly six-year conservatorship of Fannie Mae and Freddie Mac, both the House Financial Services Committee and the Senate Banking Committee will have passed legislation to reform this system.
"This is an important milestone.
"The Chairman and I will continue to grow support for this important legislation to repair our broken housing economy.  We have the opportunity to fix our flawed system and set up a more sustainable, efficient, permanent housing finance system that will provide future economic opportunities for millions of families and individuals throughout America.
"Again I thank everyone for their continued work on moving this legislation, and look forward to working with all of you as we continue to the finish line.  Thank you, Mr. Chairman."