Political Quotes

“I thank the chairman for yielding me some time on this important measure. Mr. Speaker, I rise today in support of H.R. 3192, the Homebuyers Assistance Act, this commonsense, bipartisan bill which will provide certainty for the short transition period for the real estate industry, preventing costly market disruptions and delays for American homebuyers. I thank Mr. Sherman for his help in design and leadership. I also thank my friends, Mr. Vargas and Mr. Pearce, who worked on this bill as well. This straightforward measure will provide a temporary hold harmless period from enforcement action and litigation during the initial implementation of this new TILA-RESPA Integrated Disclosure form. This rule, by the way, became effective this past Saturday. Companies out in the real world are trying to get this closing regime right and have spent billions of dollars in updating their systems and hundreds of man-hours training employees to comply with this 1,800-page rule. Again, I remind my colleagues that, at the height of the Depression, in rewriting all of America's banking laws, the Banking Act of 1933 consumed only 37 pages. There is no opportunity to test. This is a bright-line rule that just turns on. You have to have new forms and new, substantive changes, and these compliance challenges are many. This temporary grace period will allow the industry to work with the CFPB to ensure a smooth transition.…”