Senate Banking Committee Press Release

FOR IMMEDIATE RELEASE:	CONTACT: JESSE JACOBS, RIANNA BROWN
Friday, July 27, 2001	202-224-4524

SARBANES ANNOUNCES MARK-UP OF
"MARK-TO-MARKET" LEGISLATION

VOTES ON PENDING NOMINATIONS

Senator Paul S. Sarbanes, Chairman of the Committee on Banking, Housing and Urban Affairs, has announced that the full Committee will hold a mark-up of legislation, S. 1254, reauthorizing the "Multifamily Assisted Housing Reform and Affordability Act of 1997," known as "Mark-to-Market."

The Act, which expires on September 30, 2001, created a program that enables the Department of Housing and Urban Development to reduce rental assistance payments to market levels and restructure the underlying FHA-insured mortgages to levels that can be supported by lower rents. The legislation also established an independent office within HUD, called the "Office of Multifamily Housing Assistance Restructuring (OMHAR). Senator Jack Reed (D-RI), Chairman of the Subcommittee on Housing and Transportation, held a hearing on the reauthorization of the "Mark-to-Market" program on June 19.

The Committee will also vote on the following nominations:

Ms. Linda Mysliwy Conlin, of New Jersey, to be an Assistant Secretary of Commerce for Trade Development;

Ms. Melody H. Fennel, of Virginia, to be an Assistant Secretary of Housing and Urban Development for Congressional and Intergovernmental Relations;

Ms. Henrietta Holsman Fore, of Nevada, to be Director of the Mint;

Mr. Michael J. Garcia, of New York, to be an Assistant Secretary of Commerce for Export Enforcement; and

Mr. Michael Minoru Fawn Liu, of Illinois, to be an Assistant Secretary of Housing and Urban Development for Public and Indian Housing.

The mark-up and votes on nominees will occur:

WEDNSDAY, AUGUST 1, 2001
10:00 A.M.
538 DIRKSEN SENATE OFFICE BUILDING

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SARBANES ANNOUNCES MARK-UP OF "MARK-TO-MARKET" LEGISLATION VOTES ON PENDING NOMINATIONS

SARBANES ANNOUNCES MARK-UP OF
"MARK-TO-MARKET" LEGISLATION

VOTES ON PENDING NOMINATIONS