House Committee Advances NAR Supported Association Health Plan Bill
On June 6, 2023, the House Education and Workforce Committee voted 23-18 to approve the NAR-supported Association Health Plans bill or AHP Act (H.R. 2868). This bill would enable real estate professionals to band together with other self-employed individuals and small businesses to access large group plans offering higher quality, lower cost coverage than Affordable Care Act plans. Next, the bill moves to the full House of Representatives where it is expected to be combined with other small business healthcare measures and voted on as an omnibus package later this year. NAR sent a letter of support for the AHP Act and will continue to advocate on behalf of members as this legislation moves through the legislative process.
Congress Passes Debt Ceiling Bill
Late Thursday, June 1, Congress passed legislation to suspend the U.S. debt ceiling until 2025 and sent it to the President to be signed into law. The “Fiscal Responsibility Act of 2023” (H.R. 3746), passed the House on May 31 and the Senate on June 1, and suspends the debt ceiling while funding the government for the next two years through 2025. The legislation narrowly avoided the U.S. defaulting on its debt – which would have resulted in disastrous economic effects in the U.S. and around the globe – which was set to occur on Monday, June 5.
The Fiscal Responsibility Act reduces the national deficit by an estimated $1.5 trillion through cuts to federal government spending over the next decade, including a $20 billion reduction in funding to the IRS from the Inflation Reduction Act (IRA). It also rescinds approximately $28 billion in unobligated funds from COVID-19 relief packages. Read More…
NAR Gives Feedback on Tennant Screening
On Tuesday, May 30, NAR responded to a Request for Information (RFI) from the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) focused on tenant screening practices – specifically the use of background checks and fees associated with applying. Read More…
Changes Announced by Interagency Task Force Will Affect the Appraisal Industry
The Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) announced several important changes that will affect the appraisal industry.
The announcement includes:
- A proposed rule for quality control of automated valuation models (AVMs),
- Collaboration between the FHFA and FHA on a new reconsideration of value (ROV) process,
- Additional data to be released on appraisals and made public later this year, and
- A dashboard to highlight state-level overlays or barriers to entry for new appraisers.
NAR had urged regulators to look at AVM oversight, a cross-regulator ROV, and expanded data sharing.
Staff will review the proposed rule and respond as appropriate.
The Supreme Court Upholds Private Property Rights
Last week, on May 25, 2023 the Supreme Court issued two favorable decisions upholding private property rights. NAR applauds the Supreme Court for both rulings further protecting the rights of property owners. Tyler v. Hennepin County, which NAR outwardly supported, confirms that the equity homeowners build in their properties is a constitutionally protected right and cannot be unduly or unfairly seized by the government. This ruling has lifted a burden from homebuilders across the country, reinforcing that the government should not create excessive barriers in the homebuilding sector. In March, NAR, along with the American Property Owners Alliance and the Minnesota Realtors® filed an amicus brief in support of Tyler v. Hennepin County and the property owner’s entitlement to the surplus equity, arguing the state statute effectuates an unconstitutional taking of private property under the Fifth Amendment. Read More…
Legislative Activity Important to Real Estate This Week
Hearings/Markups
Tuesday, June 6 at 10:30 a.m. ET
House Energy and Commerce, Subcommittee on Environment, Manufacturing, and Critical Materials:
Clean Power Plan 2.0: EPA’s Latest Attack on America’s Electric Reliability
Wednesday, June 7 at 10:00 a.m. ET
House Energy and Commerce, Subcommittee on Innovation, Data, and Commerce:
Building Blockchains: Exploring Web3 and Other Applications for Distributed Ledger Technologies
Senate Judiciary, Subcommittee on Intellectual Property:
Artificial Intelligence and Intellectual Property – Part I: Patents, Innovation, and Competition
Thursday, June 8 at 10:00 a.m. ET
Senate Commerce, Science, and Transportation Subcommittee on Consumer Protection, Product Safety, and Data Security:
Protecting Consumers from Junk Fees
*Schedule is subject to change.