The U.S. House Financial Services Committee held a hearing on cost-of-living pressures and housing affordability, examining how Biden Administration policies contributed to household affordability challenges and setting out legislative approaches Committee Republicans argue would help restore affordability. Prepared remarks from Chairman French Hill linked affordability pressures to inflation, elevated short-term rates and housing supply constraints, citing an all-time high in 2024 for the cost of building a single-family home and higher mortgage payments as borrowing costs rose. The remarks also referenced the 2025 Financial Stability Oversight Council annual report on the role of economic growth in financial stability and cited recent macroeconomic indicators, including GDP growth on track for three consecutive quarters above 3% and a projected budget deficit of 5.4% of GDP. Legislative proposals highlighted included the Main Street Capital Access Act to encourage local bank formation and recalibrate regulation, the Housing for the 21st Century Act to reduce regulatory barriers to building homes and apartments, and the INVEST Act, passed by the House in December, aimed at strengthening capital markets and promoting capital formation.
U.S. Financial Services Committee 2026-02-10
U.S. House Financial Services Committee holds affordability hearing and highlights Main Street Capital Access Act, Housing for the 21st Century Act and INVEST Act
The U.S. House Financial Services Committee held a hearing on cost-of-living and housing affordability, blaming Biden Administration policies and proposing legislative measures to restore affordability. Chairman French Hill cited inflation, high short-term rates, and housing supply constraints, highlighting proposals like the Main Street Capital Access Act and the Housing for the 21st Century Act to address these issues.