Jeb Hensarling: “I appreciate my friend and colleague from Minnesota restating, in his motion to recommit, what is essentially already…”

“I appreciate my friend and colleague from Minnesota restating, in his motion to recommit, what is essentially already current law; but, unfortunately, he adds on yet one more form for community financial institutions to fill out on top of the 18.7 gazillion forms they already have to fill out, the cost of which ultimately is imposed upon those who are trying to find credit and find affordable credit. And I would remind the gentleman from Minnesota again, every single financial institution impacted by H.R. 2954 still must submit HMDA data. They are still subject to HMDA. For the third time, they are still subject to HMDA. And I am sure that all will be glad to hear Federal regulators still have statutory authority to take any formal enforcement actions against entities for violations of the laws or rules. But why, when we are trying to make it easier for the least of these to buy a home, are we trying to, instead, my friends on the other side of the aisle, make it more difficult by adding yet more forms, forms that also say: Do you know what? Even though this is America, you are guilty until proven innocent. That is a whole different argument, and I wish we had time to develop it here today, Mr. Speaker. But here is what we need to do. We need to make sure that struggling, hardworking Americans have homeownership opportunities, and the regulatory burden that came out of the previous administration is making it more difficult.…”