Rep. Miller Questions Fed Chair Bernanke on the Economic Impact of New Housing Rules
Mar 1, 2013 -
On Wednesday, Federal Reserve Chairman Ben Bernanke testified before the House Financial Services Committee on the state of the economy. As the Vice Chairman of the Committee, I expressed my concerns about the impact new housing regulations mandated by the Dodd-Frank Act will have on our local economy, job creation and the value of our homes in the 31st Congressional District.
The recent turnaround in the housing market has been good news for our economy. However, that recovery remains extremely fragile as many of our neighbors here in the 31st Congressional District are still struggling to keep their homes, find good paying jobs and make sure our children have access to food and quality education.
Depending on how the rules are implemented, credit-worthy borrowers could have difficulty obtaining a mortgage, which would hinder our local housing values and economic recovery. San Bernardino County was one of the hardest-hit areas of the country by the housing market crash and is in many ways still struggling to recover. I believe that Federal Reserve policies must be carefully crafted to avoid disrupting the weak economic recovery that is underway.
In Washington and here at home, I will continue to work to protect consumers and strengthen the economic and housing recovery already underway in our region. Bottom line is we must get Americans back to work and I hope Chairman Bernanke and all of our leaders in Washington keep this in mind when considering new policies and regulations that will impact our economy.
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