House Passes Beatty’s Bipartisan Financial Literacy Bill

WASHINGTON, D.C.—Yesterday, the House of Representatives unanimously passed U.S. Congresswoman Joyce Beatty's (OH-03) bipartisan bill, the Housing Financial Literacy Act of 2019, H.R. 2162. The bill would give first-time homebuyers who complete a Department of Housing and Urban Development (HUD)-certified counseling course a discount on their Federal Housing Administration (FHA) mortgage insurance premium of 25 basis points (or 0.25 percent). Congresswoman Steve Stivers (OH-15) is the original Republican cosponsor of H.R. 2162. Following the vote, Beatty said:

"Whether you are managing your credit, creating a budget, saving for retirement, or purchasing a home, understanding the basic principles of planning, saving, and investing for the future is vitally important. Studies show that pre-purchase housing counseling equips first-time homebuyers with the much-needed financial skills and tools to make informed financial decisions that ultimately benefit not only their families, but also the surrounding neighborhood and our entire economy. I urge the Senate to support this common-sense bill that incentivizes first-time homebuyers to take greater control of their financial futures and provides greater opportunity for more Americans to realize the dream of homeownership in a financially responsible way."

Stivers also hailed passage of the bill, saying, "For many families in Ohio's 15th Congressional District, and across the country, owning a home is a key part of achieving the American Dream, and we should strive to make those dreams reality by encouraging responsible homeownership. The Housing Financial Literacy Act not only makes FHA down payments more affordable, but it helps first-time buyers prepare for the financial reality of owning a home. I am grateful for Congresswoman Beatty's leadership on this issue, and proud to see the House pass this legislation."

H.R. 2162 is awaiting further consideration in the U.S. Senate. Beatty's full speech can be viewed on her official YouTube page.

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