House Bill Sets Stage For 2017 Slush Fund Fight

House Republicans pass a bill along party lines that would eliminate payments made to political activist groups under the auspices of the series of cash settlements agreed to by major banks. The billion-dollar settlements involved mortgage banking practices that led to the housing market crisis and economic collapse in 2008. Following a two-year probe by the House Financial Services Committee and Judiciary Committee -- a strategy likely carefully plotted by the certainty any legislation to curb settlement practices would not survive a presidential veto -- the House gives a 241-174 nod to the proposed Stop Settlement Slush Funds Act (HR 5063). The vote sets the stage for immediate action on the issue in early 2017 and its success or failure depends on who wins the November election. Regardless, Financial Services Chairman Jeb Hensarling (R-TX) is determined to push the bill saying its sponsor, Judiciary Chairman Bob Goodlatte (R-VA), “has shockingly revealed that the so-called Justice Department is not only pushing -- but even requiring -- so [...]

Login to read the full story or Subscribe now!


9/9/16 5:38 PM

Contact the Editor | Send to a friend

Reprinted from Housing Affairs Letter - Try a sample