Various Measures

Digital Assets and Bank RegulationHouse Financial Services · 2025-12-16 · 119th Congress
The House Financial Services Committee held a markup session to consider HR 6644 (the Housing for the 21st Century Act), along with several other bills covering eviction notice requirements, HUD whistleblower protections, and securities/capital-markets regulation. Begins at 0:18:15
Transcript
Highlights

Title

Committee marks up bipartisan housing package and several capital markets bills

Purpose

The House Financial Services Committee held a markup session to consider HR 6644 (the Housing for the 21st Century Act), along with several other bills covering eviction notice requirements, HUD whistleblower protections, and securities/capital-markets regulation. Chairman French Hill and Ranking Member Maxine Waters presented HR 6644 as a bipartisan product combining roughly 18 member-led provisions on housing supply, manufactured housing, and HUD program reform, while other bills addressed state eviction-notice rules, whistleblower protections for HUD contractors, and thresholds for Regulation A and securities registration. Begins at0:18:15

Who spoke

Chairman French Hill (R-AR)0:18:15: Opened the markup on HR 6644, framing housing affordability as a top priority driven by inflation, regulatory delays, and outdated zoning0:19:21; later chaired debate on numerous amendments and other bills, including opposing Waters' funding amendment2:39:24 and accepting several bipartisan amendments3:03:523:17:01.

Ranking Member Maxine Waters (D-CA)0:21:03: Called HR 6644 an important first step but insisted policy reform alone can't fix chronic underfunding of housing programs0:22:31; offered (then withdrew) a 170-page amendment for ~$150 billion in new housing investment2:13:122:42:47; later opposed HR 1078's eviction-notice change3:34:38 and offered an amendment on Regulation A4:04:25 and HR 4130's holder-of-record definition4:22:24.

Rep. Mike Flood (R-NE), Housing Subcommittee Chair0:25:32: Cited a 69% real increase in median home prices since 1995 and a 3.85–5 million unit housing gap0:25:55; detailed HOME program reform developed with Rep. Cleaver after 144 stakeholder submissions0:27:41.

Rep. Emanuel Cleaver (D-MO), Subcommittee Ranking Member0:29:37: Described negotiating HOME and Section 8 reforms with Flood and thanked Rep. Nunn for his rural housing work despite his absence0:31:27.

Rep. Warren Davidson (R-OH)0:32:57: Said the bill blocked "really bad ideas" from Senate NDAA-attached legislation and preserved local zoning authority0:33:230:35:14.

Rep. Nydia Velázquez (D-NY)0:36:09: Cited a shortage of nearly 12 million homes0:36:34 and secured language recognizing housing cooperatives, noting NYC co-ops are 12% of its housing stock0:37:29; discussed NYCHA's federal monitorship since 20180:38:58.

Rep. John Rose (R-TN)0:40:46: Explained his provision removing the permanent chassis requirement for manufactured homes, saying it adds about $10,000 (9%) to home costs though only 5–7% of homes are ever moved0:42:24.

Rep. David Scott (D-GA)0:45:18: Highlighted his housing counseling quality provision, warning of default risk within 12–36 months without it0:49:320:50:03.

Rep. Rob Bresnahan / Mr. Muer (R-PA), Oversight Subcommittee Chair0:50:40: Cited a $100,000 regulatory cost pre-construction and a 4.5 million unit shortage against 1.4 million annual units built0:52:570:53:03.

Rep. Emilia Sykes / Miss Batty (D-OH)0:53:55: Promoted foreclosure counseling reforms and the Community Investment and Prosperity Act raising banks' public welfare investment cap from 15% to 20%0:56:37; later offered a HOME reform amendment2:53:06 that was adopted by voice vote3:00:57.

Rep. Marlin Stutzman (R-IN)0:57:43: Presented his Streamlining Rural Housing Act to combine duplicative HUD/USDA environmental reviews0:58:33; later introduced the Regulation A+ Improvement Act, HR 6541, raising Tier 1 and Tier 2 offering caps to $50M and $150M3:56:38.

Rep. Ayanna Pressley (D-MA)1:00:11: Championed the Eviction Helpline Act and Helping More Families Save Act, citing Randolph, MA's rent averages of $2,600/month and high eviction rates1:02:05; later strongly opposed HR 1078, warning of 3-day eviction notices and "gray wave" senior homelessness3:50:25.

Rep. Scott Fitzgerald / Mr. Style (R-WI)1:04:24: Cited Wisconsin home prices rising from ~$172,000 over eight years and a 2021 study finding 24% of new home costs are regulatory1:05:36; later requested recorded votes on several bills3:17:354:11:25.

Rep. Ritchie Torres (D-NY)1:07:19: Promoted single-stair housing reform, citing Pew data of 6–13% construction cost reduction and 130,000 potential units in Boston1:08:39; later offered an amendment raising the height limit for single-stair buildings from five to six stories, accepted by the chair3:02:143:03:52.

Rep. Monica De La Cruz (R-TX)1:10:12: Highlighted her provisions on FHA loan limits and veterans' housing benefits1:12:09; later introduced HR 4646, the Whistleblower Protection Act, extending Section 4712 protections to all HUD contracts3:43:47.

Rep. Troy Downing (R-MT)1:55:29: Cited a nearly 90% rise in Montana median home values over five years1:56:00; later introduced HR 3959, the Protecting Private Job Creators Act, exempting fixed-income securities from SEC Rule 15c2-114:26:22.

Rep. Shri Thanedar / Mr. Lee (D-MI)1:57:32: Advocated for section 203 capacity-building grants for local housing agencies, citing Detroit's 33% homelessness increase2:00:13.

Rep. Al Green (D-TX)2:24:03: Argued deregulation alone won't solve homelessness and that federal subsidies (as given to oil and auto industries) are needed for housing2:25:15; engaged in colloquy with Waters2:26:43.

Rep. Brittany Pettersen (D-CO)2:28:49: Shared her personal path to homeownership before the mortgage crisis and supported Waters' funding amendment2:29:10; later offered an amendment strengthening VA loan disclosure requirements on mortgage applications, accepted by Hill3:10:223:17:01.

Rep. Joyce Beatty (D-OH)2:33:17: Recounted her father's experience with redlining and a Republican banker's help buying a home, in support of Waters' funding record2:35:39.

Rep. Jimmy Panetta / Mr. Licardo (D-CA)3:20:11: Introduced (then withdrew) the RESIDE Act amendment to convert vacant office buildings to housing, citing a 19% national office vacancy rate3:22:293:24:28.

Rep. Barry Loudermilk (R-GA)3:30:11: Introduced HR 1078, the Respect State Housing Laws Act, to fix what he called a CARES Act drafting error mandating 30-day eviction notices3:30:41; sparred with Waters in colloquy over tenant impact3:37:33.

Rep. Nikema Williams (D-GA)3:06:06: Presented (then withdrew) a pilot program based on the HEIRS Act, citing $32 billion in heirs' property nationally and $48 million in Georgia3:07:413:09:16.

Rep. Andrew Garbarino (R-NY)4:12:22: Introduced HR 4130, the Small Business Relief Act, excluding qualified institutional buyers from the 2,000-holder registration threshold4:13:10.

Rep. Ann Wagner (R-MO), Capital Markets Subcommittee Chair4:01:04: Supported the Regulation A+ Improvement Act and HR 3959, and touted the bipartisan Invest Act's 302-vote House passage4:38:26.

Key moments

Waters noted the substitute amendment raises banks' public welfare investment cap from 15% to 20%, unlocking up to $2.5 billion a year in new private housing capital0:23:50.

Rose said the manufactured-housing chassis requirement, in place since 1974, adds roughly $10,000 (about 9%) to a single-section home's cost though only 5–7% of homes are ever moved0:42:24.

Waters offered a major amendment seeking over $150 billion for affordable housing (via the Housing Crisis Response Act, Ending Homelessness Act, and Down Payment Toward Equity Act) but withdrew it after Flood and Hill argued new spending would jeopardize the bill's floor viability2:14:152:17:522:43:00.

Beatty's personal account of her father facing housing discrimination and redlining, and being helped into an integrated neighborhood by a Republican colleague, drew direct praise from Waters2:35:222:38:01.

On HR 1078, Loudermilk and Waters clashed directly in colloquy over whether removing the CARES Act's 30-day eviction notice requirement would increase homelessness; Waters cited HUD estimates that the notice prevents 1,600–4,900 evictions annually3:36:043:38:42.

HR 1078 passed committee narrowly, 29–225:53:54, a closer margin than the bipartisan HR 6644 (50–1)5:53:10 or HR 4646 (51–0)5:54:45.

Waters' amendment to HR 6541 (Regulation A) calling for an SEC study before raising offering caps failed 23–285:55:53, while the underlying bill (raising Tier 1 to $50M and Tier 2 to $150M) passed 28–235:57:26.

On HR 3959, Waters warned the bill could let "bonds of nonexistent companies" and "zombie securities" enter markets without SEC safeguards, though the bill ultimately passed 41–114:31:475:58:54.

Torres's amendment raising single-stair building height limits from five to six stories was accepted without objection after a brief exchange with Chairman Hill3:02:473:04:11.

Waters pressed Hill in colloquy for a firm date for HUD Secretary Scott Turner to testify before the committee; Hill committed to a hearing in January or February 20263:26:153:27:48.

Metadata

CommitteeHouse Financial Services
Chamber / CongressHouse · 119th Congress
Date2025-12-16
TypeMarkup
Witnesses
(none listed in event metadata)
Videoyoutube
Transcript712 caption blocks · 30,806 words · 5:59:25 runtime
EventCongress.gov 118780