Saving the American Dream Act
Summary
The "Saving the American Dream Act" aims to improve housing policy through interagency collaboration. It mandates that the heads of HUD, Agriculture, Veterans Affairs, Treasury, and the Federal Housing Finance Agency establish a memorandum of understanding to share housing-related research and data. The Act also requires these agencies to jointly submit a report outlining policy proposals to address various housing issues.
Expected Effects
The Act is expected to foster evidence-based policymaking by improving data sharing and coordination among key federal agencies involved in housing. This could lead to more effective and aligned housing policies. The interagency report should provide a comprehensive set of proposals to address challenges in housing finance, construction costs, regulatory barriers, insurance, and disaster resilience.
Potential Benefits
- Improved coordination among federal agencies on housing policy.
- Data-driven policymaking through shared research and market data.
- Potential reduction in mortgage origination and servicing costs.
- Strategies to address housing construction costs and regulatory barriers.
- Enhanced disaster resilience and housing recovery coordination.
Potential Disadvantages
- The Act's effectiveness depends on the willingness of agencies to cooperate and share data effectively.
- The report's policy proposals may not be implemented or may face political opposition.
- The Act does not directly address housing affordability or access, but rather focuses on process and coordination.
- The one-year timeframe for establishing the memorandum and submitting the report may be ambitious.
- The Act may not lead to immediate or significant changes in the housing market.
Constitutional Alignment
The Act appears to align with the Constitution's broad goals of promoting the general welfare (Preamble). Congress has the power to legislate on matters related to housing and finance under Article I, Section 8, which grants it the power to regulate commerce and spend for the general welfare. The Act does not appear to infringe on any specific constitutional rights or limitations.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).