Press Releases

Today, Congressman Wiley Nickel (NC-13) and Congressman Bryan Steil (WI-01) led a bipartisan group of members in sending a letter to Chair of U.S. Securities and Exchange Commission  Gary Gensler expressing concern regarding the agency's “Prohibition Against Conflicts of Interest in Certain Securitizations” proposed rule that may make it harder for Americans to make ends meet amidst both a credit crunch and an affordable housing crisis. 

U.S. securitization markets are essential to financing single and multi-family housing, commercial real estate, and consumer and business borrowing in every community across the country. The letter outlines concerns regarding the proposal’s overly broad requirements that could significantly curtail participation in the securitization market, a critical source of risk mitigation for our financial system and affordable credit for American households and businesses.

The letter was also signed by Representatives Andy Barr (KY-06), Sean Casten (IL-06), Emanuel Cleaver (MO-05), Byron Donalds (FL-19), Scott Fitzgerald (WI-05), Bill Foster (IL-11), Andrew Garbarino (NY-02), Vicente Gonzalez (TX-34), Josh Gottheimer (NJ-05), Jim Himes (CT-04), Steven Horsford (NV-04), Bill Huizenga (MI-04), Young Kim (CA-40), Mike Lawler (NY-17), Blaine Luetkemeyer (MO-03), Gregory Meeks (NY-05), Zach Nunn (IA-03), Brittany Pettersen (CO-07), David Scott (GA-13), Brad Sherman (CA-32), Ritchie Torres (NY-15), Ann Wagner (MO-02), and Juan Vargas (CA-52).

“If implemented, the Proposal’s overly broad requirements could significantly curtail participation in the securitization market, a critical source of risk mitigation for our financial system and affordable credit for American households and businesses. This would increase the cost and reduce the availability of financing across our economy – including for auto, residential, and commercial real estate, and unsecured consumer loans – exacerbating the credit crunch sparked by high interest rates and rising prices,” the group wrote in their letter. “To limit the potential disruption to this critical marketplace, we strongly encourage the Commission to take into account the significant feedback it has received and properly tailor the rule.”

The full text of the letter can be found HERE.