U.S. Senator Katie Britt, Chair Scott, Banking Committee Republicans Call on FHFA Director to End Waste, Politicization at Agency

WASHINGTON, D.C. – U.S. Senator Katie Britt (R-Ala.) joined Banking Committee Chairman Tim Scott (R-S.C.) and all of their Senate Banking Republican colleagues in a letter to Federal Housing Finance Agency (FHFA) Director Bill Pulte in support of his goals to root out government waste and return the agency and its regulated entities to their core mission of strengthening our housing finance system.

As Chairman of the Housing, Transportation, and Community Development Subcommittee, Senator Britt has reiterated her commitment to Director Pulte to strengthening our housing finance system, addressing affordability challenges, and promoting homeownership. “I look forward to exploring innovative ways to increase the country’s housing stock, while eliminating costly leftwing regulations and streamlining longstanding inefficiencies within our federal housing and transit agencies,” she stated when announcing her chairmanship.

In their letter to Director Pulte, the Senators wrote, “In your confirmation hearing, you promised to work to eliminate waste, fraud, and abuse wherever it exists. I am encouraged by your dedication to that cause in your short time as Director. According to reports, you discovered that the FHLBank of San Francisco agreed to make a multimillion-dollar payment to a former Biden political appointee who had worked there only for a few months as part of a separation agreement. You also revealed that only a tiny fraction of the employees at Fannie Mae—49 of 2900—have been coming to the office for the full work week despite an office lease costing tens of millions of dollars every year. These examples raise serious concerns regarding the extent to which the Enterprises and FHLBanks are effectively stewarding their resources.”

The letter concluded, “The American dream will remain out of reach for so many if the agencies tasked with serving the housing market are serving themselves. I urge you to continue identifying waste, fraud, and abuse as well as inefficiencies at the FHFA and its regulated entities. Please provide an update on the results of your efforts to identify waste, fraud, and abuse and to refocus the entities within your purview. The Committee stands ready to work with you on any statutory obstacles that may be hindering a flourishing housing finance system.”

To read the full letter, click here. Senators Mike Crapo (R-Idaho), Mike Rounds (R-S.D.), Thom Tillis (R-N.C.), John Kennedy (R-La.), Bill Hagerty (R-Tenn.), Cynthia Lummis (R-Wyo.), Pete Ricketts (R-Neb.), Jim Banks (R-Ind.), Kevin Cramer (R-N.D.), Bernie Moreno (R-Ohio), and Dave McCormick (R-Pa.) also joined the letter.

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