Congressman Bill Huizenga | Rep. Bill Huizenga Official U.S House Headshot
Congressman Bill Huizenga | Rep. Bill Huizenga Official U.S House Headshot
As your voice in Washington, my priority is to make Southwest Michigan an even better place to live, work, and raise a family. Earlier this year, the Biden Administration released a rule that would raise the cost of mortgages for potential homebuyers with good credit scores to subsidize riskier loans. I believe this misguided rule to be profoundly unfair. Individuals who have worked hard to pay their bills on time should not be penalized for being fiscally responsible. That is why I voted for the Middle-Class Borrower Protection Act to stop this redistribution of wealth and make homeownership in Southwest Michigan more affordable.
A recent survey by the National Council on Aging found that 16.5 million adults 65 and older were economically insecure and worried about retirement. However, some in Washington are pushing investments that fail to maximize returns for pension funds or individual 401(k)s. This flawed strategy forces Americans to delay retirement or retire without as much financial security as they deserve. I am focused on improving financial security for all Southwest Michigan residents.
Since 2021, the Securities and Exchange Commission (SEC) has expanded its authority without approval from Congress. Rather than following its long-established precedent of using the materiality standard when proposing new disclosure requirements on public companies, the SEC instead issued an extremely wide-ranging, climate-related disclosure rule that is outside the bounds of its existing authority. This heavy-handed approach will hamper economic growth, create new hurdles for small businesses, and make it more difficult for those saving for retirement.
To rein in these bureaucrats and prioritize financial security, I introduced the Mandatory Materiality Requirement Act. This legislation would codify the traditional SEC materiality standard into law and prohibit the agency from expanding beyond securities law and the authority granted to it by Congress.
These are just two examples of how I am working to make Southwest Michigan a more affordable and better place to call home.
If you need help navigating a federal agency, please visit Huizenga.House.Gov or call my office in Holland at (616) 251-6741 or in Washington at (202) 225-4401 so we can assist you.
This column originally appeared in the Tri-City Record on June 6, 2023
Original source can be found here.
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