Tom Emmer: “Every citizen in our Nation desires the chance to achieve their American Dream. For thousands across this country, their…”

“Every citizen in our Nation desires the chance to achieve their American Dream. For thousands across this country, their American Dream consists of owning a home or starting their own business. Some laws have proven helpful in achieving this dream; others have created obstacles by codifying government overreach. In 1975, the Home Mortgage Disclosure Act was enacted. This important law exposed and helped eliminate discriminatory lending practices, particularly against minorities. In short, this law helped more Americans realize their dream of owning a home. Over the years, however, the disclosures required by the law have expanded away from the original intent and have actually become an obstacle, preventing small, medium, and local lenders from helping aspiring landowners and business entrepreneurs. In 2015, the Dodd-Frank-created agency, the Consumer Financial Protection Bureau, CFPB, demanded from lenders more than double the amount of data originally required under the Home Mortgage Disclosure Act. That double-the-data rule took effect on the 1st of this month. Larger lenders are able to adapt. In fact, most, if not all, continue to be in the home mortgage business today. But for smaller lenders, for the family-owned bank on Main Street, the double-the-data rule means making fewer mortgages or none at all. This unintended result is something each of us has heard over and over again in our home districts.…”