May 16, 2022

Toomey on Biden Administration’s Housing Plan: “A Plan in Name Only”

Washington, D.C. – U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement in response to the Biden administration’s “Housing Supply Action Plan”:

“The Biden administration’s Housing Supply Action Plan is a plan-in-name-only. It’s short on new housing supply but long on new risk for the taxpayer.

“This ‘plan’ won’t lower housing costs or ease the inflation tax that’s plaguing American families every day. If the administration were serious about housing supply and fighting inflation, they would start by ending tariffs on lumber and steel, both of which drive up construction costs.

“Moreover, the steps laid out by the administration today affirm their intent to use Fannie Mae and Freddie Mac as instrumentalities of their failed liberal housing policy. Rather than expanding into new categories of riskier lending, the administration should focus on shrinking the GSEs and preparing a path to end the conservatorships.”