Another busy week for our congressional delegation. Congresswoman Val Hoyle dished serious stare-glare disapproval at a budget proposal, offered a solid plan to put Social Security back on solid ground, and joined colleagues to offer just dues to veterans that have to travel for medical care.
At Senator Jeff Merkley’s camp, it was a bill fixing a fishing injustice for the Confederated Tribes of Grand Ronde that grabbed our attention. He’s also renewing his efforts at doing something (please gawd: anything) about hedge funds sucking the nation’s housing into their portfolios, because, like when they do that, it may not be good for a free and fair market, and maybe families need to live somewhere.
And then there’s Senator Ron Wyden. His big intros this week included a bill to make textbooks more affordable and another to fund some douse on all these wildfires we keep having. Oh, and he exposed a connection that was Musk-something, China-something, and there’s a video, and you need to watch that, so yeah… we’ll forgive his pro-Ducks friendliness.
Anyhow, without further ado, your DC Trio’s highlights from over the last week.
Hoyle’s Week…
Whole lotta nope: On Tuesday, the usually somewhat diplomatic Hoyle burned off this paragraph- long quote, ““After running on reducing the federal spending and the deficit, House Republicans have put forward a budget busting bill that will take healthcare away from millions of Americans and food away from hungry people—all so they can give massive tax breaks to their billionaire buddies. Republicans have the majority in the House, the Senate and lead the White House. This was a bill they put together, this is their budget to pass and they will be responsible for the consequences if it does pass. This bill does not meet the needs of working people. As a result, I’m a hard no.”
Hoyle also said the Republicans’ proposed budget would mean a $4.5 trillion tax cut for multi-millionaires and billionaires, and cuts specific to SNAP and Medicaid.
We’re translating the “hard no” to mean hells freaking no-damn way – but we could be wrong.
Veterans’ healthcare reimbursements: On Wednesday, Hoyle joined Wyden and others on legislation that would make it easier for eight million veterans in Oregon and nationwide to receive essential health care and ensure the Department of Veterans Affairs’ travel reimbursement rate keeps pace with inflation and gas prices.
“Our veterans have served, sacrificed and shown the ultimate commitment to our country. In return, it is our responsibility to make sure they are taken care of and can get the healthcare they need at an affordable cost,” said Hoyle. “This legislation would reduce costs for veterans traveling to doctors’ appointments, increase reimbursement rates, and is especially beneficial for the many veterans in my district who live in rural or remote communities. We have more veterans than any other district in Oregon, and I am proud to support this legislation to deliver for them.”
“It’s unacceptable that the very people who chose to serve and defend our country are forced to choose between the cost of health care or the cost of their travel,” Wyden said. “This legislation will ensure no veteran must make that impossible and unfair choice. Let’s honor these heroes for their service by cutting their costs and providing them with the medical treatment they need–no matter where they are.”
The Driver Reimbursement Increase for Veteran Equity (DRIVE) Act would require the VA to ensure the beneficiary travel reimbursement rate is at least aligned with the General Services Administration reimbursement rate for federal employees using their personal vehicles for official
business. The bill would also ensure timely processing to ensure veterans receive their reimbursement within 90 days.
The text of the bill is here. Surprisingly, this does not yet appear to have bipartisan support.
Securing Social Security, numbers and a bill: On Thursday, Hoyle, along with U.S. Senator Bernie Sanders (I-Vt.), Ranking Member on the Senate Finance Committee’s Subcommittee on Social Security, Pensions and Family Policy, Sen. Elizabeth Warren (D-Mass.), and Rep. Jan Schakowsky (D-Ill.), introduced the Social Security Expansion Act. The legislation would expand Social Security benefits by $2,400 a year and ensure Social Security is fully funded for the next 75 years by applying the Social Security payroll tax on all income above $250,000.
In a release, Hoyle said “this legislation would not raise taxes by one penny on the over 91 percent of American households who make $250,000 or less.”
The release also said those estimates reflect an analysis of the legislation conducted by the Social Security Administration at the request of Sen. Sanders in 2023.
“Protecting Social Security is our commitment to seniors who’ve worked their whole lives to earn it,” said Hoyle. “While Congressional Republicans continue to threaten cuts to Social Security, I am proud to join Senator Sanders, Senator Warren and Representative Schakowsky in introducing a concrete proposal that extends the program for another 75 years by having millionaires and billionaires pay their fair share like every other working American. The Social Security Expansion Act was my first bill in Congress, and I will not stop fighting until I see it passed into law.”
“At a time when nearly half of older Americans have no retirement savings and over 26% of seniors are trying to survive on an income of less than $17,500 a year, our job is not to cut Social Security as many of our Republican colleagues want to do,” said Sanders. “Our job is to expand Social Security so that every senior in America can retire with the dignity that they deserve and every person with a disability can live with the security they need. The legislation we are introducing today will expand Social Security benefits by $2,400 a year, lift millions of seniors out of poverty and extend the solvency of Social Security for generations to come by making sure that the wealthiest people in our society pay their fair share into the system. Right now, a billionaire pays the same amount into Social Security as someone who makes $176,100 a year. Our bill puts an end to that absurdity. And by doing that, we can expand Social Security benefits and make sure that Social Security can pay out every single benefit owed to every eligible American for the next 75 years.”
“Social Security serves as a lifeline for millions of seniors, and hardworking Americans deserve to receive the benefits they paid into,” said Warren. “It’s a mistake for Donald Trump and his allies in Congress to focus on securing tax cuts for billionaires and large corporations when we should be focusing on expanding and increasing Social Security benefits so that everyone can retire with dignity.”
For 86 years, Social Security has paid out every benefit owed to every eligible American on time and without delay, according to Hoyle. Before 1935, when it was signed into law by President Franklin D. Roosevelt, about 50 percent of the nation’s seniors lived in poverty, as did countless Americans with disabilities and surviving dependents of deceased workers. Nearly 90 years later, the senior poverty rate is down to 9.7 percent and in 2023 alone, Social Security lifted 27.6 million Americans out of poverty, including more than 19.5 million seniors.
Despite this success, tens of millions of seniors are still struggling to get by, and many older workers fear that they will never be able to retire with security and dignity. While the average Social Security benefit is only $1,838 a month, nearly 40 percent of seniors rely on Social Security for a majority of their income; one in seven rely on it for more than 90 percent of their income; and nearly half of Americans aged 65 and 74 have no retirement savings at all.
By requiring millionaires and billionaires to finally pay their fair share into the program, according to the bill’s sponsors, the Social Security Expansion Act would ensure the fund’s solvency to the end of the century, help low-income workers stay out of poverty by improving the Special Minimum Benefit, restore student benefits up to age 22 for children of disabled or deceased workers, strengthen benefits for senior citizens and people with disabilities, increase Cost-Of-Living-Adjustments (COLAs) and expand program benefits across-the-board.
The Social Security Expansion Act has also been endorsed by over 25 groups, including: Social Security Works, MoveOn, National Committee to Preserve Social Security and Medicare, Strengthen Social Security Coalition, American Federation of Teachers, Justice in Aging, Income Movement, Public Citizen, Blue Future, Campaign for America’s Future, Labor Campaign for Single Payer, Indivisible, American Federation of Government Employees (AFGE), AAFGE Council 215, Alliance for Retired Americans, American Federation of State, County and Municipal Employees (AFSCME), AFSCME Retirees, American Postal Workers Union, People Power United, Left Click, Defeat Republicans, Progress America, The People United, Iron PAC, Puget Sound Advocates for Retirement Action, Progressive Change Campaign Committee, Other98 and Solidarity Action.
Read the bill text, here.
Read the fact sheet and full list of supporting organizations, here.
Read the Social Security Administration’s 2023 analysis of the legislation, here.
Read a 2021 analysis of what the world’s wealthiest people would pay under this legislation, here.
So far, no Republicans have signed onto the legislation.
Merkley’s week…
Tribal fishing rights fix: Last Friday, Merkley joined Oregon’ District 6 U.S. Representative Andrea Salinas on legislation to restore traditional hunting and fishing rights for the Confederated Tribes of Grand Ronde. They are the only federally recognized tribe in the country that is bound by a consent decree, which limits where, when, and how much tribal members are allowed to hunt and fish on their traditional lands.
If passed, this legislation would allow the Tribe to return to federal court to request the termination or modification of their current consent decree with the State of Oregon.
The House version of the bill is cosponsored by U.S. Representatives Suzanne Bonamici (OR-01), Val Hoyle (OR-04), and Janelle Bynum (OR-05). The Senate version is cosponsored by U.S. Senator Ron Wyden (D-OR).
“The Confederated Tribes of Grand Ronde were forced to give up their traditional ability to hunt, fish, and gather on Tribal land as the price of restoring their homelands. This historic injustice has stood for far too long,” said Merkley. “Our legislation is critical to remove federal restrictions on the Grand Ronde and allow them to fully engage in these traditional activities once more.”
“For nearly 40 years, the consent decree has placed unfair and unjust conditions on the Grand Ronde Tribes’ sovereignty. At this point the Grand Ronde Tribe is the only Tribe in the national with these restrictions. The introduction of this legislation brings this issue to light and presents us with the first step in righting this historic wrong,” said Confederated Tribes of Grand Ronde Tribal Council Chairwoman Cheryle A. Kennedy.
“The historic injustices inflicted by the federal government on the Confederated Tribes of Grand Ronde are long overdue for reversal and repair,” said Wyden. “This bill would help to achieve those objectives by restoring their abilities to hunt, fish and gather food on their ancestral lands without government overreach and intervention. I will keep partnering with the Confederated Tribes of Grand Ronde and the other eight federally recognized tribes in Oregon for justice that protects Tribal sovereignty.”
“The Grand Ronde Tribe deserves to regain their sovereign right to hunt, fish and gather on their ancestral lands,” said Hoyle. “It is something they never should have been forced to give up in the first place, and I believe Congress has a responsibility to restore these rights to them. I was proud to pass similar legislation in 2023 for the Siletz Tribe, and I look forward to supporting this important effort for the Grand Ronde Tribe.”
When Congress passed the Western Oregon Termination Act in 1954, Grand Ronde and other Oregon tribal nations were stripped of their land and federal status. When their federal status was restored in 1985, the Tribe was forced to sign a consent decree limiting their hunting and fishing abilities on their own land.
In December 2023, Rep. Salinas’ and Sen. Merkley’s legislation restoring Grand Ronde’s right to pursue land claims and compensation was signed into law. The Grand Ronde Reservation Act Amendment was the first piece of legislation introduced by Rep. Salinas as a Member of Congress, as well as her first bill to become law.
To read the full text of this legislation, click here.
Hopeful for housing hope: On Thursday, Merkley teamed up with U.S. Representative Adam Smith (D-WA-09) to introduce strengthened legislation to put an end to the practice of hedge funds buying up single-family homes.
The Humans Over Private Equity (HOPE) for Homeownership Act continues Merkley and Smith’s efforts to tackle America’s housing affordability crisis by going after hedge funds that own and control large parts of our housing market, driving up both rents and purchase prices for single-family homes.
“Houses should be homes for families, not profit centers for hedge funds,” said Merkley. “The HOPE for Homeownership Act fights back against billionaire corporations controlling the single-family housing market. Let’s kick hedge funds to the curb to restore the dream of homeownership, one of the foundations that working families need to thrive.”
“Too many families are struggling to afford to rent or to buy a home,” said Rep. Smith. “Large investors are buying up homes and squeezing out prospective buyers. The HOPE for Homeownership Act will crack down on corporate greed and make housing more affordable for families.”
Large-scale hedge fund investors are taking over the housing market at an alarming, accelerating rate. In 2011, no single entity owned over 1,000 single-family rental units. In 2022, large institutional investors and hedge funds owned about 700,000 single-family home rentals, and financial analysts forecast that this ownership footprint will grow to 40% of all single-family home rentals by 2030.
The HOPE for Homeownership Act aims to kick hedge funds out of America’s single-family housing market by:
- Establishing a new tax penalty of 15% of the sale price (or $10,000, if greater) for hedge funds buying additional single-family homes;
- Taking away depreciation and mortgage interest tax breaks; and
- Imposing a new $5,000 per home tax penalty for hedge funds failing to fully sell off their currently owned single-family homes each year over a 10-year period.
In addition to Merkley and Smith, the HOPE for Homeownership Act is cosponsored by U.S. Senators Ruben Gallego (D-AZ), Mark Kelly (D-AZ), Angus King (I-ME), Chris Van Hollen (D-MD), and Bernie Sanders (I-VT) and U.S. Representative Linda Sánchez (D-CA-38).
“Rents are too high, and for many Arizona families the dream of owning a home feels out of reach. A big part of the problem is hedge funds buying up houses and driving up prices,” said Kelly. “We’re putting a stop to Wall Street’s control of the single-family housing market so more working families can afford a place of their own.”
“It is outrageous that homes Americans lost to foreclosure during the Great Recession were sold to the Wall Street firms that caused the crisis. Meanwhile, in America today, there is not a city, state or town where a full-time minimum wage worker can afford rent. Enough is enough. Wall Street billionaires cannot continue raking in obscene profits by buying up homes across the country and raising rents. That has got to end — this bill would help us do just that,” said Sanders.
“Homeownership for working families today feels more like a fever dream than the American Dream,” said Sánchez. “Greedy corporations are buying up residential properties, especially in neighborhoods like mine in Southern California, pushing affordable options out of reach for first-time buyers and driving up home and rent prices. That’s why I’m proud to cosponsor the HOPE for Homeownership Act, which will lower housing costs and give working families a fair shot at owning a home.”
The HOPE for Homeownership Act is endorsed by Americans for Financial Reform, Consumer Action, National Housing Resource Center, National Consumer Law Center (on behalf of its low-income clients), National Housing Law Project, and Private Equity Stakeholder Project.
Full text of the HOPE for Homeownership Act can be found by clicking here.
A bill summary can be found by clicking here.
Payday loan protections bill: Also on Thursday, Merkley teamed up with U.S. Representatives Suzanne Bonamici (D-OR-01) and Pramila Jayapal (D-WA-07) to introduce the Stopping Abuse and Fraud in Electronic (SAFE) Lending Act.
The SAFE Lending Act safeguards consumers from deceptive and predatory practices that strip hard-earned wages from working families by cracking down on some of the worst abuses stemming from the payday lending industry, particularly in online payday lending.
During the first Trump Administration, the Consumer Financial Protection Bureau (CFPB) reversed course on national rules protecting consumers from payday loan predators. Without strong CFPB protections at a national level, state laws protecting consumers are even more critical.
“Predatory payday lenders trap hardworking Americans in an inescapable vortex of debt,” said Merkley. “Before we kicked payday lenders out of Oregon, they preyed on families in my blue-collar neighborhood. As Trump and Musk scheme to undermine the agency that protects consumers from scammers, we’re taking on the shady companies directly. It’s time to break this cycle of endless debt for families across America.”
“No one should be stuck in a cycle of debt during times of financial distress,” said Bonamici. “The SAFE Lending Act will put an end to the unscrupulous practices predatory payday lenders use to take advantage of people who are financially vulnerable.”
The SAFE Lending Act is supported by Americans for Financial Reform, Oregon Consumer Justice, National Consumer Law Center (on behalf of its low-income clients), Consumer Federation of America, UnidosUS, Main Street Alliance, and National Association for Latino Community Asset Builders.
A one-page summary of the SAFE Lending Act can be found by clicking here.
Full text of the bill can be found by clicking here.
Wyden’s week…
Dollars for dousing wildfires: Last Friday, Wyden joined Senate colleagues to reintroduce legislation that would make a $60 billion investment in forests in Oregon and across the West to lessen wildfire risk, restore watersheds, protect communities, and reduce wildfire suppression costs.
“With summers getting drier and hotter, the treasured lands in Oregon and the West are a tinderbox waiting to light ablaze,” said Wyden. “In my town halls, I’ve heard countless Oregonians fearing for their health and safety while struggling to maintain their economic livelihood as severe drought and wildfires wreak more havoc on their communities every year. More investments are needed to protect our forests and watersheds so local communities across the West are healthy and can have the opportunity to explore its beautiful natural treasures for generations.”
Wyden also points out that America’s forests and public lands are essential infrastructure – supporting a $1.2 trillion outdoor recreation economy and $222 billion agricultural economy.
“Despite the importance of our forests to our economy, watersheds, and way of life, Washington DC has failed to adequately invest in them. The federal government spends $2.9 billion to put out wildfires every year, with costs expected to rise to $3.9 billion by 2050. Preventing wildfires before they start saves taxpayers money by reducing response and recovery costs. The National Oceanic and Atmospheric Administration estimates that, over the last five years, the U.S. spent nearly $48 billion on wildfires. Barely three months into 2025, annual wildfire costs are already estimated to exceed $250 billion in damages due to the Los Angeles wildfires,” said Wyden.
Specifically, the Protect the West Act would do the following:
- Establish an Outdoor Restoration & Watershed Fund to increase support for local efforts to restore forests and watersheds, reduce wildfire risk, clean up public lands, enhance wildlife habitat, remove invasive species, and expand outdoor access;
- Establish an advisory council of local, industry, conservation, Tribal, and national experts to advise funding priorities, coordinate with existing regional efforts, and provide oversight;
- Empower local leaders by making $20 billion directly available to state and local governments, Tribes, special districts, and nonprofits to support restoration, drought resilience, and fire mitigation projects. These funds would empower local leaders to bring diverse voices to the table to develop solutions;
- Partner with states and Tribes to invest $40 billion to tackle the backlog of restoration, fire mitigation, and resilience projects across public, private, and Tribal lands;
- Create or sustain more than two million good-paying jobs, primarily in rural areas, to support existing industries like forest product, agriculture, and outdoor recreation; and
- Save landowners and local governments money by investing in wildfire prevention and natural hazard mitigation on the front end, which is thirty times more cost-effective than recovering forests and watersheds after natural disasters have struck.
In addition to Wyden, the legislation was reintroduced by U.S. Senators Michael Bennet, D-Colo., John Hickenlooper, D-Colo., Ruben Gallego, D-Ari., Jacky Rosen, D-Nev., and U.S. Representative Jason Crow, D-Colo.
The bill is supported by The National Wildlife Federation, the Southern Ute Indian Tribe, National Association of State Foresters, The Freshwater Trust, American Forests, National Wild Turkey Federation, National Audubon Society, Family Farm Alliance, Theodore Roosevelt Conservation Partnership, Western Landowners Alliance, Western Resource Advocates, Trout Unlimited, and Conservation Legacy.
The full text of the bill is here.
China bores Advocate readers, but it’s important: During a hearing held in the Senate Energy and Natural Resources Committee on last Friday, Wyden underscored that Elon Musk’s business dealings in China pose a serious threat to national security.
According to public reporting, Musk is running the Department of Government Efficiency (DOGE) as a federal employee while remaining Tesla’s largest shareholder. Public filings indicate Tesla invested billions of dollars in China and annually produces nearly 1 million cars at a factory in Shanghai on land owned by the Chinese government.
“According to public reporting, Tesla’s contract allows the Chinese government to revoke Tesla’s lease on the land at any time if it determines doing so is in the public interest,” Wyden said. “Now, on this committee, every one of us works for the AMERICAN public interest. And given that is our highest priority, I intend to come back and ask further questions about this in the days ahead.”
Wyden also questioned Dr. Geraldine Richmond, Presidential Chair in Science at the University of Oregon and former Under Secretary for Science and Innovation at the Department of Energy, on the national security consequences of Musk’s decision to make drastic and abrupt workforce cuts at the Bonneville Power Administration. Dr. Richmond emphasized that these cuts would undermine the grid’s safety and drive up energy prices for working families across America.
Last week, Senator Wyden demanded answers from the Trump administration in a letter regarding Musk’s workforce cuts at the Bonneville Power Administration.
You can watch Wyden’s Exchange with University of Oregon’s Presidential Chair in Science, Dr. Richmond Here.
And yes, we know what our readers think about us highlighting what our congressional delegation does concerning U.S. relations with China – and China generally. We also know that most of America’s national outlets don’t adequately center the topic, so sorry-not-sorry?
Moving right along…
Textbook case for affordable textbooks: On Thursday, Wyden joined Senate colleagues to introduce legislation designed to help students manage costs by making high quality textbooks easily accessible to students, professors, and the public for free.
“With the cost of college attendance skyrocketing, students shouldn’t also have to spend hundreds, or in some cases thousands, of dollars extra to access textbooks that they will use for a few classes,” Wyden said. “Open textbooks will ensure that students get all the essential academic tools they need at their fingertips for free.”
The legislation, known as the Affordable College Textbook Act, would authorize a competitive grant program to support the creation and expansion of open college textbooks—textbooks that are available under an open license, allowing professors, students, researchers, and others to freely access the materials.
Textbook costs are one of the most overlooked costs of going to college, but they can be a substantial barrier to pursuing a college education. According to the College Board, the average student at a four-year public institution of higher education spent $1,290 on college books and supplies during the 2024-2025 academic year. In a 2020 U.S. PIRG survey, 65 percent of students decided not to buy a textbook because of the cost, and 94 percent of those students were worried it would affect their grade negatively.
The Affordable College Textbook Act expands and updates provisions from the College Textbook Affordability Act contained in the 2008 Higher Education Opportunity Act. The provisions aimed to make more information available to students looking to manage college textbook costs. The 2008 law required textbook publishers to disclose to faculty the cost of a textbook to their students, required schools to publish textbook price information in course catalogues when practicable, and required publishers to offer unbundled supplemental materials so that students had choices. The provisions took effect on July 1, 2010.
Specifically, the Affordable College Textbook Act would do the following:
- Authorize a grant program, similar to the Open Textbook Pilot program for which Congress already has appropriated $54 million and saved students more than $250 million. The grant would support projects at colleges to create and expand the use of open textbooks, with priority for programs that would achieve the highest savings for students;
- Ensure that any open textbooks or educational materials created using program funds would be free and easily accessible to the public;
- Require entities who receive funds to complete a report on the effectiveness of the program in achieving savings for students;
- Improve and update existing requirements for publishers and institutions that provide information on textbook costs, including new disclosure requirements to students on how companies providing digital materials may use student data; and
- Require the Government Accountability Office to report to Congress with an update on the price trends of college textbooks.
In addition to Wyden, the legislation was introduced by Senators Dick Durbin, D-Ill., Angus King, I-Maine, and Tina Smith, D-Minn, with U.S. Representative Joe Neguse, D-Colo, introducing companion legislation in the House.
The Affordable College Textbook Act is supported by SPARC, National Association of College Stores, Student PIRGs, U.S. PIRG, American Federation of Teachers, American Association of Community Colleges, Association of Assistive Technology Act Programs, Association of Community College Trustees, Association of College & Research Libraries, Association of Research Libraries, CAST, Creative Commons, National Education Association, Open Oregon Educational Resources, the Council of Administrators of Special Education, Today’s Students Coalition, UNCF, and Young Invincibles.
Wyden and Merkley together…
Bondi’s enviro order, our senatorial duo acts: On Thursday, Wyden and Merkley said they are joining legislation that would permanently codify the Office of Environmental Justice within the Department of Justice’s Environment and Natural Resources Division, in the wake of Attorney General Pam Bondi’s recent order eliminating all environmental justice efforts at the department.
Bondi’s directive followed Donald Trump’s executive order ending all Diversity, Equity, and Inclusion initiatives across federal agencies. As a result, programs combating pollution in communities of color, indigenous people, and low-income areas were effectively shut down in Oregon and nationwide. The Trump administration also terminated several division attorneys responsible for prosecuting environmental violations.
“The attack on environmental justice is an attack on the millions of Americans relying on clean air and clean water across our country,” Wyden said. “Federal agencies have a responsibility to protect our communities – not tear down solutions that keep people healthy for generations. Trump and his oil-loving cronies are not just making the climate crisis worse. They are also harming the most vulnerable communities in America.”
“Everyone, in every corner of Oregon—and across the country—deserves clean air, clean water, and protection from climate chaos. Unfortunately, the dismantling of environmental justice efforts by the Trump Administration has left our most vulnerable communities exposed to even greater risks,” Merkley said. “The Empowering and Enforcing Environmental Justice Act addresses these disparities by codifying vital protections, holding polluters accountable, and ensuring that every community, especially those most impacted by climate disasters and toxic pollution, has the necessary tools to secure a healthier, safer future.”
The legislation would strengthen efforts at the Department of Justice to enforce environmental laws, hold polluters accountable, and support state and local environmental enforcement capacity. The Empowering and Enforcing Environmental Justice Act would also authorize $50 million in annual grant funding to assist state and local governments with their own environmental enforcement efforts.
Senator Wyden is a longtime champion of environmental justice. In 2019, Wyden and his colleagues introduced legislation to overhaul the federal energy tax code, create jobs, and combat climate change. In 2022, Wyden’s Clean Energy for America Act was enacted as part of the Inflation Reduction Act – significantly lowering carbon emissions while reducing energy costs. In 2024, Wyden announced a federal investment of $20 million for the Confederated Tribes of Grand Ronde to build a safe, accessible shelter for communities affected by the rising climate crisis.
No Republicans have signed on. The text of the bill is here.
Mortgages and history and dammit: Also on Thursday, Wyden and Merkley said they had joined Senate colleagues to press the Department of Housing and Urban Development on whether its plan to reprivatize Fannie Mae and Freddie Mac will make mortgages more expensive.
U.S. Senators Ron Wyden and Jeff Merkley said today they have joined Senate colleagues to press the Department of Housing and Urban Development on whether its plan to reprivatize Fannie Mae and Freddie Mac will make mortgages more expensive.
“During your confirmation process, you repeatedly spoke of the desire to reduce housing costs, a goal we share. However, right out of the gate, you are actively advocating for policy changes that would likely raise housing costs for hard working Americans,” the senators wrote HUD Secretary Scott Turner, who said right after his confirmation that he would act as “quarterback” in the Trump Administration’s plan to reprivatize the multi-trillion dollar companies.
“Changes to the ownership of Fannie Mae and Freddie Mac would be a monumental undertaking that would affect our entire housing system and touch the lives of homeowners and renters across the country,” they wrote. “If mismanaged, ending the conservatorships and Treasury’s role with Fannie Mae and Freddie Mac could make mortgages more expensive, cut off access to mortgage credit, destroy many of the important reforms made over the past 16 years, and compromise our entire housing market and the broader U.S. economy.”
The senators also raised concerns that privatization could result in a taxpayer-funded giveaway worth billions for wealthy investors and hedge funds, quoting one investor’s optimism that “Trump and his team will get the job done.” The senators asked Turner to commit to ensuring that any changes to Fannie Mae and Freddie Mac will not result in higher rents or mortgage costs for Americans while rewarding hedge funds and the wealthy.
“Our housing finance system is a complex, multi-trillion dollar market that touches the lives of every American family. It is critical that any effort to reprivatize Fannie Mac and Freddie Mac does not result in windfalls for wealthy investors while raising housing costs for American families. We look forward to your prompt and thorough reply on this urgent matter,” wrote the senators.
The letter was led by U.S. Senator Elizabeth Warren, D-Mass., and Minority Leader Chuck Schumer, D-N.Y. In addition to Wyden and Merkley, the letter was also signed by Senators Richard Blumenthal, D-Conn., Lisa Blunt Rochester, D-Del., Cory Booker, D-N.J., Dick Durbin D-Ill., Andy Kim, D-N.J., Chris Murphy, D-Conn., and Jack Reed, D-R.I.
The full text of the letter is here.
The full text of the letter is here.
And now, we add an editorial note… Wyden and Merkley apparently see the danger here. And as to the administration, we have two words: history, dammit. Okay, we’ll add more than two words, does the new regime at HUD not remember the 2008 financial crisis?
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