Government shutdown averted as Congress negotiates Fiscal Year 2017 spending bills
Today, Congress averted a government shutdown by passing a one-week funding bill. This short-term measure will keep the federal government operating at current funding levels until May 5, 2017. In the meantime, negotiations continue on omnibus legislation that would fund the government through the remainder of the fiscal year, which ends on September 30, 2017.
Seven months into the current fiscal year, draft funding bills for housing programs under HUD, USDA, and the IRS could emerge early next week and are expected to provide sufficient funds to renew all rental assistance.
Pamela Patenaude nominated as HUD Deputy Secretary
The White House today announced that Pamela Patenaude will be nominated to serve as HUD Deputy Secretary. Currently the president of the J. Ronald Terwilliger Foundation for Housing America’s Families, Patenaude previously served as HUD Deputy Secretary for Community Planning and Development under the George W. Bush Administration, where she managed disaster recovery funds for the Gulf Coast rebuilding efforts. She also served as HUD’s White House liaison during the Reagan Administration. In addition to past HUD experience, she also administered the Section 8 rental assistance program at the New Hampshire Housing Finance Authority.
In the private sector, Patenaude directed the Bipartisan Policy Center’s Housing Commission and served as executive vice president of the Urban Land Institute before joining the Terwilliger Foundation. Noted for leading a 21-member bipartisan commission to spur momentum on national housing policy, Patenaude was reportedly considered by the Trump Administration for the Secretary position before Dr. Carson’s nomination.
USDA Secretary nominee Sonny Perdue is confirmed
After months of a vacant Secretary of Agriculture position, the Senate voted on Monday to confirm former Georgia Governor Sonny Perdue to the position. Gov. Purdue, who was endorsed by the six previous USDA Secretaries, won the vote by 87 to 11.
Administration releases tax reform proposal
In what is considered a first step toward overhauling the country’s tax code, Treasury Secretary Steve Mnuchin and White House Chief Economic Advisor Gary Cohn this week released an overview of the President’s tax policy. The proposal offered few details, but charted a course for tax cuts and simplifications, including a significantly reduced corporate tax rate of 15%. More context is expected in late-May when the Administration has said it will release a more detailed FY18 budget request; as with the budget, any tax plan will require congressional authorization and will likely face an uphill battle in Congress.
NAHMA is monitoring tax reform for potential impacts on the Low-Income Housing Tax Credit (LIHTC) and will keep members updated.
Debate continues over legislation to overhaul Dodd-Frank
On Wednesday, April 26, the House Financial Services Committee held a
hearing entitled “A Legislative Proposal to Create Hope and Opportunity for Investors, Consumers, and Entrepreneurs.” The hearing was a discussion
on the
Financial Choice Act, Committee Chairman Jeb Hensarling’s (R-Texas) overhaul of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Overall, the hearing was a heated partisan battle. Chairman Hensarling stated the reforms were needed to spur economic recovery because “Dodd-Frank has been a greater burden to enterprise than all other Obama-era regulations combined.” However, House Financial Services Ranking Member Maxine Waters (D-CA) said, “This bill must not become law.” Throughout the hearing, Rep. Waters and other Democrats referred to the CHOICE Act as the “Wrong CHOICE Act,” and held their own
hearing on the legislation today in which Senator Elizabeth Warren (D-MA) testified on the economic benefits of Dodd-Frank.
