House Passes American Homeownership and Economic Opportunity Act

December 5, 2000

By voice vote, the House today approved H.R. 5640, the American Homeownership and Economic Opportunity Act, which includes important housing and banking provisions.

The legislation includes incentives to increase homeownership, particularly for elderly and disabled persons; allows housing assistance funds to be used by low-income people for purchasing homes; modernizes manufactured housing regulation; and improves housing programs for Native Americans.

The banking provisions include renewal of some 45 reporting requirements of Executive Branch and regulatory agencies, including the report of the Federal Reserve Board on the conduct of monetary policy. The legislation would also raise the salaries of the Federal Reserve Board Governors, provide regulatory relief to financial institutions and streamline agency actions.