Senate Banking Committee Holds Confirmation Hearing on HUD Nominee

May 22, 2008

The Senate Banking Committee held a confirmation hearing today for Steven Preston to be the next Secretary of HUD. Preston is currently the Administrator of the Small Business Administration. In response to a question from Senator Wayne Allard (R-CO) about concerns expressed about the proposed RESPA rule, Preston said he thought some of these would be addressed during the comment period. He said that any regulator should be aware of unintended consequences, especially on small businesses. He said he would push for better consumer understanding and clarity in settlements without overburdening the industry. Committee Chairman Chris Dodd (D-CT) indicated that he would work to quickly complete the confirmation process. It is unlikely that will occur until after the Senate returns from the Memorial Day recess which starts Friday.