Executive Session
Floor Speech
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Mr. CRAPO. Mr. President, I rise today to urge my colleagues to confirm Brian Montgomery as the next Deputy Secretary of the U.S. Department of Housing and Urban Development. Mr. Montgomery is among the most respected voices in the housing market, as well as one of the most experienced. His breadth of experience includes service as the head of the Federal Housing Administration--or FHA--during the Bush administration, the Obama administration, and the Trump administration.
Mr. Montgomery guided FHA through the 2008 financial crisis and has provided steadfast leadership at the FHA through the ongoing COVID-19 pandemic, arguably the two most turbulent times for the housing market in a generation.
Prior to the COVID-19 outbreak, he oversaw the return of FHA's insurance fund to its strongest financial position since fiscal year 2007, while continuing to provide affordable homeownership opportunities to tens of thousands of first-time homebuyers each year. Since the outbreak, he has worked to make sure that FHA performs its traditional countercyclical role of maintaining liquidity and credit access in the mortgage market where traditional sources of home financing may have dried up.
For over a year now, Mr. Montgomery has also served in the capacity of Acting Deputy Secretary at HUD, where he has managed the day-to-day operations of the Department under Secretary Ben Carson. Mr. Montgomery knows the Department inside and out and has been intimately involved in carrying out HUD's mission to create strong, sustainable, inclusive communities and quality affordable housing opportunities for millions of Americans.
He has been described by the National Multifamily Housing Council as ``a housing policy veteran with deep expertise and experience across a wide variety of policy areas.'' The National Association of Homebuilders has noted that ``throughout his government and private sector career, Brian has proven himself to be both an expert in affordable housing policy, as well as an outstanding Federal agency administrator and communicator.''
This confirmation vote comes at a critical time. In the wake of COVID-19, we have already seen a huge number of mortgage borrowers enter forbearance, while many landlords are struggling to make ends meet, and countless renters are unsure where their next rent payment will come from. Homeless shelters are at or near capacity and facing novel issues related to social distancing, and the homeless community, who may be particularly exposed to the risk of contracting COVID-19, is leaning on HUD for help.
HUD has a central role to play in addressing these challenges and more. The CARES Act acknowledges this important role, entrusting HUD with over $12 billion in additional funding to provide immediate relief and to address emerging issues. Bold leadership is especially needed during this critical time for HUD, and Mr. Montgomery is a trusted voice who fits the mold perfectly.
Fifteen years ago, this body confirmed Mr. Montgomery on a voice vote to serve as FHA Commissioner. Two years ago, we confirmed him as FHA Commissioner, again, on a strong bipartisan vote of 74-23.
I support Brian Montgomery, and I urge my colleagues to join me today in voting ``yes'' on his nomination.
Thank you.
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