Senate Banking Committee Calls for Legislative Proposals to Increase Economic Growth

Last month, Senate Committee on Banking, Housing and Urban Affairs Chairman Mike Crapo (R-ID) and Ranking Member Sherrod Brown (D-OH) announced a process for soliciting legislative proposals that would increase economic growth and/or enable consumers, "market participants" and financial companies to better participate in the economy. In testimony submitted on April 14, Enterprise makes the case that investments in affordable housing must be part of any federal strategy to promote strong and inclusive growth. We then lay out six specific proposals for the committee: 1) expand support for renters as part of any effort to reform America’s mortgage finance system, 2) attract private investment to repair America’s crumbling public housing, 3) support federal tax incentives that use private sector capital to build and preserve affordable housing, 4) reject proposed cuts to crucial affordable housing programs, 5) create a new federal fund to help test and scale innovative financial products that encourage low-income households to save, with a focus on unrestricted emergency savings, and 6) invest in affordable housing that connects low-income workers to jobs via transit as part of improving critical infrastructure. Read the full testimony here.

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