Other Issues - Financial Institutions and Housing

Financial Institutions

March 21, 2006
In a letter to Comptroller of the Currency John C. Dugan, Rep. Waxman and his colleagues express serious concern about three recent rulings by the Office of the Comptroller of the Currency related to allowing banks to invest in a windmill farm, build and own hotels, and speculate in condominium development. Congress has barred national banks from engaging in commercial and residential real estate development. Any increased involvement of banks in commercial activities could put the U.S. financial system at risk and cause unnecessary hardships for the FDIC, the U.S. Treasury, and ultimately the American taxpayer.
Letter to Office of the Comptroller of the Currency
Response from the Office of the Comptroller of the Currency

Housing

March 16, 2006
Rep. Waxman joined his colleagues in expressing his support for $424 million in funding for the Housing Opportunities for People with AIDS (HOPWA) program, which is the only federal housing program that specifically provides cities and states with the resources to address the housing crisis facing people living with AIDS.
Letter to House Appropriators

March 7, 2006
Rep. Waxman joined his colleagues to urge the House Budget Committee to restore funding for public housing programs. Ending years of low funding is critical to ensuring that the 2.5 million American families who live in public housing have the clean, safe, affordable housing they deserve. 
Letter to House Budget Committee

March 6, 2006
Democratic Leader Nancy Pelosi released a budget fact sheet on President Bush's budget on Housing and Community Development. The President's budget demonstrates the current Administration's misguided priorities and continued effort to put special interest groups ahead of America's Families.
Budget Fact Sheet

April 29, 2005
Rep. Waxman joined his colleagues in expressing his support of full funding for the Section 8 Housing Choice Voucher Program, which is critical to the ability of our communities to effectively secure safe, affordable housing for low-income families, senior citizens, and people with disabilities.
Letter to House Appropriators

On April 22, 2004, HUD notified state and local housing authorities of a new, retroactive policy on funding for the Section 8 Housing Choice Voucher program. HUD announced that it will only provide funding based on the number of vouchers in use as of August 1, 2003 plus a small inflation adjustment. HUD claims that language from the FY 2004 appropriations legislation requires this cut. This decision marks the first time that housing authorities will not receive sufficient funding to fulfill all vouchers currently in use. Rep. Waxman joined House Financial Services Committee Ranking Member Barney Frank and Democratic Leader Nancy Pelosi in introducing legislation (H.R. 4263) to clarify the intent of language in the Fiscal Year 2004 appropriations law.

Rep. Waxman also joined his colleagues in writing to House Appropriators and to HUD Secretary Alphonso Jackson, strongly opposing the policy change.
May 18 letter to House Appropriators
May 19 letter to HUD Secretary Alphonso Jackson

March 4, 2004
Rep. Waxman joined his colleagues in requesting that the Office of Management and Budget (OMB) send the Department of Housing and Urban Development's (HUD) Real Estate Settlement Procedures Act (RESPA) regulatory reform proposal back to HUD for additional review and comment.
Letter to OMB Director Joshua Bolten

Homelessness

April 5, 2005
Rep. Waxman is an original cosponsor of H.R. 1471, the Services for Ending Long-Term Homelessness Act. This legislation will establish a grant program to provide supportive services in permanent supportive housing for chronically homeless individuals.

In addition, he is working closely with his Los Angeles colleagues and with local homeless service providers to improve the use of public and private resources and to bring new federal resources to Los Angeles.