Key Finance And Banking Committee Hearings Underway

The Senate Banking Committee and Senate Finance Committee have convened for key hearings on housing affordability and “growing US manufacturing through the tax code.” Livestreams of the hearings can be followed at the above links.

• The goal of the Banking Committee hearing is to work towards a bipartisan consensus on resolving what both parties recognise as a ‘housing affordability crisis.'
• Ranking Republican Tim Scott (R-SC) unveiled a housing framework in April last year which, “takes a comprehensive view of federal housing policy, introducing long-needed reforms across all segments of the U.S. housing market, centering support around families and communities.”
• President Biden made housing a key plank of his State of the Union and FY25 budget request. The White House said in a fact sheet: “[Biden’s budget] proposes investments and actions that will lower costs for renters and homebuyers, address the shortage of housing, make our economy stronger and more resilient...”
• The Finance Committee hearing comes amid gridlock on a bipartisan and bicameral USD$78 billion tax bill which sailed through the House in a 357-70 vote in early February.
• The bill is currently stalled in the Finance Committee over ranking Republican Mike Crapo’s (R-ID) concerns with the Child Tax credit provisions in the legislation.
• Democrats believe Crapo may be slow-walking the bill under the assumption that the GOP will take control of the Senate – and all Senate committees – in January 2025 and have more power to craft Republican-leaning legislation.