The Washington Report covers legislative and regulatory policy activities, and is compiled by NAR's Government Affairs policy staff. To receive this content via email, subscribe to NAR's Weekly Report newsletter and check the "legislative & regulatory issues" box.
The Senate Committee on Small Business and Entrepreneurship held the hearing, "Up in the Air: Examining the Commercial Applications of Unmanned Aircraft for Small Businesses." During the hearing, witnesses from the Air Line Pilots Association, the Association of Unmanned Vehicle Systems International, and the Mercatus Center at George Mason University discussed the potential that unmanned aerial systems (UAS) hold for the U.S. economy and small businesses, the need for the U.S. to remain competitive with other nations in UAS innovation, and the importance of protecting privacy and safety of people in the National Air Space and on the ground.
NAR sent a letter to all Senators, urging them to bring H.R. 3700, the "Housing Opportunities through Modernization Act” to the Senate floor. This legislation, sponsored by Reps. Luetkemeyer (R-MO) and Cleaver (D-MO), passed the House with a unanimous vote of 427-0 last month. HR 3700 contains provisions to ease FHA restrictions on condo sale and purchase; provides permanent authority for direct endorsement for approved lenders to approve Rural Housing Service loans; and makes reforms to federally assisted rental housing programs to streamline the program. We urge the Senate to bring this important, non-controversial legislation to the Floor for an immediate vote.
The House Financial Services Committee held a markup of several bills, including H.R. 4620, the Preserving Access to CRE Capital Act, sponsored by Rep. French Hill (R-AR).
NAR sent a letter to the full Senate, urging members to cosponsor S. 752, which would establish a scorekeeping rule to ensure that increases in guarantee fees (G-fees) of Fannie Mae and Freddie Mac will not be used to offset spending that increases the deficit.
NAR joined a coalition letter, with other Real Estate industry groups, to select members of the Leadership of the House of Representatives.
NAR is one of 26 industry groups invited to join the FAA Micro UAS Aviation Rulemaking Committee (ARC) which will meet during March 2016.
On March 2, 2016, the House Financial Services Committee voted 53-0 for the Flood Insurance Market Modernization Act (H.R. 2901).
The House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises held a hearing on "The Impact of the Dodd-Frank Act and Basel III on the Fixed Income Market and Securitizations."
The Financial Accounting Standards Board (FASB) released the final version of its updated lease accounting standards.
President Obama signed into law a trade and customs bill (H.R. 644) that includes a provision permanently banning state and local taxes on Internet access.