Executive Session

Floor Speech

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Mr. CRAPO. Mr. President, I rise to urge my colleagues to confirm Brian Montgomery as Federal Housing Commissioner. The Federal Housing Administration or FHA plays an important role in today's housing finance market, promoting homeownership and ensuring access to affordable mortgage credit for millions of Americans.

When FHA operates in a safe, viable manner, it can help many deserving people gain a foothold in our housing market who otherwise would not have been able to do so. FHA also plays a countercyclical role in the mortgage marketplace, providing market liquidity in times when traditional sources of home financing dry up, as they did a decade ago.

Since 1934, the FHA has insured mortgages for more than 40 million families. Today, the FHA is the largest mortgage insurer in the world. It is also the primary facilitator of reverse mortgages and supports a nationwide network of housing counseling agencies. Yet for nearly 4 years it has not had a Senate-confirmed leader.

Fortunately, the time has finally come to fill this vacancy. I know Brian Montgomery will do a terrific job. Brian Montgomery is an ideal candidate to take up the mantle because he has done it before.

Mr. Montgomery provided steadfast leadership at the helm of FHA between 2005 and 2009, under Presidents Bush and Obama, during one of the most trying times the housing markets had ever seen.

His nearly unanimous support from housing stakeholders speaks to this strong track record of experience and expertise. Once confirmed, Mr. Montgomery can hit the ground running, moving FHA forward in pursuit of its continuing mission.

I look forward to continued conversations with him on opportunities to improve America's housing finance system, which continues to be urgently needed. I also look forward to working with him on how we can make HUD programs more effective and more efficient, with better stewardship of taxpayer dollars.

Thirteen years ago, this body confirmed Mr. Montgomery on a voice vote to serve as FHA Commissioner. I ask my colleagues to once again confirm him to this critical role.

Thank you.

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