Senate Banking Committee chairman cites rising mortgage rates, homelessness and backs Scott Turner for HUD

The chairman of the Senate Committee on Banking, Housing and Urban Affairs opened the 119th Congress session by blaming federal policies for rising housing costs and endorsed Scott Turner as a solution for leadership at the Department of Housing and Urban Development.

“Mortgage rates went from 2.65% in January 2021 to 7.79% by October 2023,” the chairman said, and characterized that run-up as crushing the dreams of would‑be homeowners and draining savings. He also cited a homelessness survey showing “an 18% increase in just the last 12 months, 33 percent increase since 02/2020.”

The chairman framed housing as more than shelter, calling it “about opportunity and it is about stability,” and said that while HUD spending rose under the Biden administration, those increases had not produced better outcomes on homelessness or affordability. He added that rents have risen “by 20%” since President Biden took office and said African American homeownership rates “have not changed substantially since 1968 when the Fair Housing Act was passed.”

The chairman introduced Scott Turner, describing him as a native Texan who played professional football and later served two terms in the state legislature. He noted Turner’s role as executive director of the White House Opportunity and Revitalization Council under the Trump administration and credited Opportunity Zones with “over $50,000,000,000 in private investment” cited by the chairman as revitalizing distressed communities.

The chairman said he has filed the Road to Housing Act in Congress and told colleagues he expects to mark up the bill in the weeks ahead. He urged searches for bipartisan solutions where possible and said he looks forward to working with the committee’s ranking member, Elizabeth Warren.

The comments comprised the chairman’s opening statements; the transcript ends with him calling on Senator Warren to speak next.