On the recordNovember 18, 2015
On Tuesday, the Rules Committee met and reported a rule for H.R. 1210, the Portfolio Lending and Mortgage Access Act, and H.R. 3189, the Fed Oversight Reform and Modernization Act of 2015. House Resolution 529 provides a structured rule for consideration of H.R. 1210 and H.R. 3189. The resolution provides 1 hour of debate equally divided between the chair and ranking minority member of the Committee on Financial Services for H.R. 1210 and for H.R. 3189. The resolution provides for the consideration of one amendment to H.R. 1210 and consideration of six amendments to H.R. 3189. The resolution also provides a motion to recommit for each bill. In addition, the rule provides the normal recess authorities to allow the chair to manage pro forma sessions during next week's district work period. Mr. Speaker, I rise today in support of the resolution and the underlying legislation. Mr. Speaker, as you know, the 2008 financial crisis was caused, in part, by the subprime lending meltdown. Financial institutions would originate loans. They would sell off 100 percent of those loans with no skin in the game to some investment party, a third party, and they would keep their fee. But they wouldn't keep any of the risk. This led to a lot of loans to individuals and families that had an inability to repay those loans, and that resulted in our crisis. The bottom line was these institutions had no skin in the game.…
