Over the last two years, I was proud to work with diligent and thoughtful colleagues, both Democrats and Republicans, on several pragmatic solutions. Unfortunately, Congress as a whole does not take a similar approach to the biggest challenges we face as a nation.
Last year, I introduced legislation with Representative David Scott [D-GA] that will increase Congressional oversight of financial reporting by requiring the government agencies responsible for securities and accounting standards to testify before the Financial Services Committee annually on steps they are taking to improve financial reporting regulations. The recent failures of multiple financial institutions demonstrate how imperative it is that we modernize reporting processes while increasing transparency. The Promoting Transparency in Financial Reporting Act of 2007 (H.R. 755) unanimously passed the House in February 2007 and again in September 2008.
Representative Scott and I also introduced H.R. 5611, the National Association of Registered Agents and Brokers (NARAB) Reform Act of 2008. The bill mandates the creation of NARAB, a private, non-profit entity comprised of State insurance regulators and marketplace representatives to make it easier and less expensive for insurance agents and brokers to better serve consumers. NARAB would streamline duplicative licensing requirements for agents and brokers in return for adopting the highest standards. This will improve consumer choice and competition in the insurance market. The NARAB Reform Act passed the House on October 2, 2008 with bipartisan support.
Most recently, the House passed H.R. 7221, the Homeless Emergency Assistance and Rapid Transition to Housing (HEARTH) Act of 2008. I introduced the original bipartisan HEARTH Act (H.R. 840) last year with the late Congresswoman Julia Carson [D-IN]. H.R. 7221 would improve the Department of Housing and Urban Development’s (HUD) definition of “homeless,” increase local flexibility and streamline the Homeless Assistance Grants Program. This type of federal assistance has a lasting positive impact not only on the recipient, but on our communities as a whole.
While working on these bills, I have seen firsthand how both sides of the aisle can join together to offer practical solutions for the American people. Congress as a whole must do the same to develop legislation that addresses the major issues affecting families across the country. We must develop and implement a comprehensive energy strategy that will provide greater insulation for our economy and our families from the next crisis. By taking an “all of the above” approach to energy production, we can increase our energy reserves in an environmentally-responsible way, stimulate the economy and create jobs.
Restoring confidence and security in our economy is essential in upcoming months. Congress should conduct hearings and investigations into the financial meltdown on Wall Street, hold the responsible parties accountable for their actions, and examine how we can prevent the same mistakes from harming our economy in the future. Congress needs to improve regulation of financial institutions and the mortgage industry to guard against predatory lending and unwise business practices that ultimately harm taxpayers.
When Congress returns to Washington, I hope there will be greater recognition of the work that needs to be done. To answer the challenges we face as Americans, Congress must surpass partisan politics and implement common-sense solutions that we can all support.