Rick Lazio: “I rise in support of title II of the fiscal year 1997 Omnibus Appropriations Act of 1997. Aside from the important…”

“I rise in support of title II of the fiscal year 1997 Omnibus Appropriations Act of 1997. Aside from the important resolution of the BIF/SAIF issue, this title includes important bank regulatory relief provisions. I would like to commend the stamina of our chairman, Jim Leach for pushing these important provisions. The Banking Committee and the White House came to an agreement at 5:00 yesterday morning to include provisions related to the Real Estate Settlement Procedures Act of 1974. Inclusion of these provisions begins the process whereby Congress, consumer advocates and the settlement services industry can serve a public policy purpose rationally: first, the provisions protect and guarantee the rights of the consumer from illegal steering and other unethical practices, and second, the provisions provide the necessary regulatory relief that allows the flexibility to expand homeownership with innovative marketing, employee incentives and product delivery. I believe that all Members involved in this process would agree that RESPA, although well-intentioned and practical in the 1970's, is outdated in the 1990's.”