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Congresswoman Joyce Beatty

Representing the 3rd District of Ohio

Beatty Introduces Bipartisan Financial Literacy Bill

Feb 7, 2017
Press Release

Beatty Introduces Bipartisan Financial Literacy Bill

The Housing Financial Literacy Act of 2017 would improve housing affordability and financial literacy, and help prevent foreclosures

WASHINGTON, D.C. – U.S. Congresswoman Joyce Beatty (OH-03) recently introduced the Housing Financial Literacy Act of 2017, H.R. 851, a piece of legislation aimed at increasing first-time homebuyers financial knowledge. Specifically, H.R. 851 would give first-time homebuyers who complete a Department of Housing and Urban Development (HUD)-certified housing counseling course a discount on their Federal Housing Administration (FHA) mortgage insurance premium of 25 basis points (or 0.25 percent).

“Homeownership is the cornerstone of the American Dream. However, many Americans have limited knowledge of the long-term financial obligations and implications involved in buying a home. That is why the Housing Financial Literacy Act is so desperately needed. Motivating first-time homebuyers to seek vital pre-purchase counseling and equipping them with the much-needed financial skills and tools to make informed financial decisions benefits their families, the surrounding community and entire U.S. economy.”

Studies confirm that homebuyers who receive pre-purchase housing counseling are nearly one-third less likely to fall behind on their mortgage and thereby face a reduced risk of foreclosure. H.R. 851 is currently cosponsored by seven Members of Congress including Central Ohio Republican Congressman Steve Stivers (OH-15).

Of note, Beatty and Stivers both serve as co-chairs of the Congressional Financial and Economic Literacy Caucus for the 115th Congress. Established by former Congressman Rubén Hinojosa (D-TX) and former Congresswoman Judy Biggert (R-IL) in 2005, the bipartisan Financial and Economic Literacy Caucus’ goal is to improve the financial literacy and capability of all people. Additionally, the Caucus reviews, discusses and recommends financial and economic literacy policies, legislation, programs and related matters at all levels of government, as well as collaborates with the private sector, respective nonprofits, community-based organizations and faith-based groups.       

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