In a letter dated March 10, 2017, NAR 2017 President William E. Brown urged new Treasury Secretary Steven Mnuchin to protect the current tax benefits of homeownership as the Trump Administration seeks to reform the federal income tax system.
Referring to recent media reports where Mnuchin promised to leave “the mortgage interest deduction as is,” the letter explained that certain types of tax reform plans, such as the “Blueprint” put forward by House Republicans last year, also pledge to leave the deduction untouched. However, by nearly doubling the standard... Read More
On Thursday, March 16th, President Trump released the "America First - A Budget Blueprint to Make America Great Again". The budget does not include many details, but is more an outline of President Trump’s spending proposals. House and Senate appropriations committees will review the budget proposals and will develop the final budget documents for the President's signature.
Of interest to NAR, the budget would cut $6.2 billion from the U.S. Department of... Read More
On Wednesday, March 15, the Senate Commerce, Science, & Transportation Committee held the hearing "Unmanned Aircraft Systems: Innovation, Integration, Successes, and Challenges." The hearing focused on the industry growth seen since the FAA released its rule on Small Unmanned Aircraft Systems (UAS), which went into effect in August 2016, as well as areas in which further regulation is needed for UAS technology to realize its full potential for U.S. businesses and the economy. Witnesses included representatives from the FAA, airports, energy providers, and the UAS... Read More
On March 15, 2017, Department of Housing and Urban Development (HUD) Secretary Ben Carson began his nation-wide "listenting tour" to better understand the way HUD and its programs are working in the day-to-day sense. Sec. Carson first mentioned the idea of the listening tour during his Senate confirmation hearing in January.
The first stop was Secretary Carson's hometown, Detroit, MI. The Secretary met with Detroit Mayor Mike Duggan, public housing officials, and renters at Benjamin Carson High School, a public school named after the Secretary. The Secretary... Read More
On March 9, 2017, the House of Representatives held the first of several hearings on the National Flood Insurance Program (NFIP). The Senate’s first hearing is on March 14. The NFIP must reauthorized to continue selling flood insurance after September 30 of this year.
The purpose of these hearings is to solicit ideas for how to restructure the NFIP with the goal of developing comprehensive reform legislation this spring. FEMA was the sole witness for the first two hearings.
NAR submitted two letters for the hearings,... Read More