Discussion · Senate
Catherine Cortez Masto Democrat
“I want the Senate to pass my bill right now. It makes sure the housing agency has to give its independent watchdog the full budget it asks for. The head of this agency has pushed out staff and gone after political enemies, and the acting watchdog was just fired. My bill stops agency leaders from cutting the watchdog's money to block investigations into fraud and abuse.”
“Mr. President, I rise today to pass my bill which would ensure the Federal Housing Finance Agency’s inspector general can do its job to protect the integrity of our housing market. The inspector general is an independent official who investigates fraud, waste, and abuse in government Agencies. We can all agree that is a critical position. Within the FHFA, the inspector general goes after legitimate fraud and abuse. The IG makes sure government-sponsored entities like Fannie Mae, Freddie Mac, and the Federal Home Loan Bank meet the housing needs of our communities. And the IG ensures American consumers who need mortgages and loans for their homes aren’t being taken advantage of. For example, during President Trump’s first term, the FHFA’s Office of the Inspector General caught the president and the chief information officer at the Federal Home Loan Bank of Dallas embezzling hundreds of thousands of dollars. There is another example from just this month when the OIG worked with Florida law enforcement to investigate and prosecute a former attorney for real estate fraud. There are so many more instances out there of this office going after fraudsters. I, also, personally know how critical this work is, as a former attorney general of Nevada. It was the responsibility of my office to go after fraud and win restitution for Nevadans who had been exploited. So trust me when I say: The work the OIG does is essential to making sure Americans are getting a fair deal. Unfortunately, President Trump’s pick to head the FHFA, Bill Pulte, has weaponized the Agency. Director Pulte has used his position to go after the President’s perceived political enemies. He has pushed out staff who are doing their job, including economists who refused to inflate market outlooks. He has also forced out ethics and civil rights staff who help hold the Agency and its leadership accountable. President Trump himself fired the acting inspector general last month. Clearly, there is cause for concern here, and that is why we need to pass this bill. The law already requires FHFA to provide its Office of Inspector General with the resources it needs to do its job. My bill would add safeguards to ensure that the FHFA must provide the funding that the OIG requests. This would protect the OIG from being shortchanged by any FHFA Director playing politics, and it would ensure the FHFA inspector general--and not Bill Pulte--determines the amount of funding it needs to do its job. This bill would protect the American people from waste, fraud, and abuse, and to deter bad actors from taking advantage of their power. I encourage my colleagues to join me in passing this bill. So, as if in legislative session and notwithstanding rule XXII, I ask unanimous consent that the Senate proceed to the immediate consideration of S. 5681 submitted earlier today; further, that the bill be considered read three times and passed; and that the motion to reconsider be considered made and laid upon the table.”
Mr. President, I rise today to pass my bill which would ensure the Federal Housing Finance Agency’s inspector general can do its job to protect the integrity of our housing market. The inspector general is an independent official who investigates fraud, waste, and abuse in government Agencies. We can all agree that is a critical position. Within the FHFA, the inspector general goes after legitimate fraud and abuse. The IG makes sure government-sponsored entities like Fannie Mae, Freddie Mac, and the Federal Home Loan Bank meet the housing needs of our communities. And the IG ensures American consumers who need mortgages and loans for their homes aren’t being taken advantage of. For example, during President Trump’s first term, the FHFA’s Office of the Inspector General caught the president and the chief information officer at the Federal Home Loan Bank of Dallas embezzling hundreds of thousands of dollars. There is another example from just this month when the OIG worked with Florida law enforcement to investigate and prosecute a former attorney for real estate fraud. There are so many more instances out there of this office going after fraudsters. I, also, personally know how critical this work is, as a former attorney general of Nevada. It was the responsibility of my office to go after fraud and win restitution for Nevadans who had been exploited. So trust me when I say: The work the OIG does is essential to making sure Americans are getting a fair deal. Unfortunately, President Trump’s pick to head the FHFA, Bill Pulte, has weaponized the Agency. Director Pulte has used his position to go after the President’s perceived political enemies. He has pushed out staff who are doing their job, including economists who refused to inflate market outlooks. He has also forced out ethics and civil rights staff who help hold the Agency and its leadership accountable. President Trump himself fired the acting inspector general last month. Clearly, there is cause for concern here, and that is why we need to pass this bill. The law already requires FHFA to provide its Office of Inspector General with the resources it needs to do its job. My bill would add safeguards to ensure that the FHFA must provide the funding that the OIG requests. This would protect the OIG from being shortchanged by any FHFA Director playing politics, and it would ensure the FHFA inspector general--and not Bill Pulte--determines the amount of funding it needs to do its job. This bill would protect the American people from waste, fraud, and abuse, and to deter bad actors from taking advantage of their power. I encourage my colleagues to join me in passing this bill. So, as if in legislative session and notwithstanding rule XXII, I ask unanimous consent that the Senate proceed to the immediate consideration of S. 5681 submitted earlier today; further, that the bill be considered read three times and passed; and that the motion to reconsider be considered made and laid upon the table.