Issue Position: Financial Services

Issue Position

Andy Barr is Getting Results

*As the chairman of the Subcommittee on Monetary Policy and Trade, Andy is charged with oversight of the Federal Reserve, international financial institutions, exchange rates, and economic sanctions.
*Andy supported the Economic Growth, Regulatory Relief, and Consumer Protection Act, which is the most financial regulatory relief package in a generation. The legislation included two bills introduced by Andy:
**The Portfolio Lending and Mortgage Access Act, which extends the "qualified mortgage" legal safe harbor to small creditors, banks and credit unions, with total assets of $10 billion or less who originate and hold residential mortgage loans in portfolio, rather than selling or securitizing them, allowing those lenders to satisfy Dodd-Frank's ability-to-repay rule.
**The Preserving Access to Manufactured Housing Act, which clarifies the definitions of "high-cost" loans so that manufactures homes no longer fall under this designation that is harming access to affordable manufactured housing, allowing more Americans to own their home rather than rent.
*Andy supported and helped pass the Foreign Investment Risk Review Modernization Act, which is a comprehensive reform to the Committee on Foreign Investment in the United States (CFIUS) and the export control regime. This legislation closes loopholes and prevents adversaires, like China, from obtaining access to critical technology and infrastructure.

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