Senate Banking Committee Approves Housing Finance Reform Bill

U.S. Senate Housing Finance Reform

On May 15, the Senate Banking Committee voted 13-9 to approve S. 1217, the Housing Finance Reform and Taxpayer Protection Act. A draft version of the bill, which generally would end the government’s conservatorship of Fannie Mae and Freddie Mac and reform the housing finance system, was first released in March. That draft built off of legislation introduced last year by several committee members. The draft was subsequently amended in advance of the committee vote, and during the committee’s session, a package of additional amendments was approved. Committee members indicated they will engage in further efforts to build support for the bill and a potential vote by the full Senate, though at this time such a vote is unlikely.