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Senate Banking Committee narrowly approves housing finance reform bill
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The U.S. Senate Banking Committee narrowly approved a bipartisan housing finance reform bill despite concerns from lawmakers on both sides of the aisle. The committee approved S. 1217, the Housing Finance Reform and Taxpayer Protection Act of 2013, May 15 by a vote of 13-9. Sen. Tim Johnson, D-S.D., the committee’s chairman, said he had hoped the bill would garner more support. However, he said he will continue to work with committee members before the bill comes to the Senate floor.
“This bill represents our effort to draft the final chapter of financial reform by addressing the most significant unresolved issue from the financial crisis — the housing finance system,” Johnson said ahead of the committee vote.
The bill, supported by Johnson and Sen. Mike Crapo, R-Idaho, the committee’s ranking member, is based on a plan crafted last year by Sens. Bob Corker, R-Tenn., and Mark Warner, D-Va.
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