This afternoon, the Senate Banking, Housing and Urban Affairs Committee was set to begin the markup process on S.1217, a bipartisan housing finance reform bill, but instead announced a delay in the vote to accommodate legislators interested in joining the effort to reform the banking system.
Senate Banking Committee Chairman Tim Johnson (D-SD) posted the following statement on the committee webpage:
“We will now move to the consideration of S. 1217, the Housing Finance Reform and Taxpayer Protection Act of 2014. This legislation, offered by Senators Corker and Warner along with a number of our other colleagues on this Committee, would wind down Fannie Mae and Freddie Mac and reform the housing finance system.”
“As all of the Members already know, there continue to be important discussions to build a larger coalition supporting the bill. While we have the votes to report the bill out today, Members of the Committee have asked for a brief delay to try to work out additional issues prior to a final vote. To allow time for those discussions to be completed, we will shortly recess the executive session subject to the call of the Chair. I have talked with Ranking Member Crapo, and we will continue working with interested Members on both sides. Staff will notify Members when the Committee is set to reconvene in the coming days.”
It is unclear how long the committee will delay the vote. The bill would include a fee on mortgages backed by the new system that is dedicated to fund the National Housing Trust Fund.