Barry Loudermilk: “I thank the gentleman from Ohio (Mr. Stivers) not only for yielding time in support of my bill but giving the creative…”

“I thank the gentleman from Ohio (Mr. Stivers) not only for yielding time in support of my bill but giving the creative one in my family recognition for the pithy acronym that goes with this legislation. Mr. Speaker, as has been stated, my bill is the Building Up Independent Lives and Dreams Act, which is also known as the BUILD Act. First, I thank my colleagues on both sides of the aisle who have worked with me to make this a strong, bipartisan effort. I appreciate the gentleman from California (Mr. Sherman) for cosponsoring this bill and for his work, with our staffs working together, to make this is a bill as perfected as we can. I thank Chairwoman Waters and Ranking Member McHenry for recommending this bill to come to the floor for a vote. I also thank the gentlewoman from New York (Ms. Velazquez) for her support and cosponsorship of this important legislation. Last year, it was brought to my attention that certain regulations enacted by Dodd-Frank were placing a significant burden on charitable organizations that provide low-cost housing to needy families. These nonprofits were having to spend an excessive amount of time and resources complying with these new regulations, which were ultimately designed for large mortgage lenders. The time and effort that they were spending on regulatory compliance was taking resources away from these nonprofits' core mission of providing affordable housing.…”