Reps. Vargas and Sherman’s Statement on FHFA’s Federal Home Loan Bank Review
Media Contact: Anzueth Barela | (202) 225-8045 | Anzueth.Barela@mail.house.gov
WASHINGTON, D.C. (November 7, 2023) – Today, Rep. Juan Vargas (CA-52) and Rep. Brad Sherman (CA-32) released the following statement upon the release of the Federal Housing Finance Administration’s (FHFA) report on the Federal Home Loan Bank (FHLBank) system, FHLBanks at 100: Focusing on the Future:
“As Members of the House Financial Services Committee from the most populous state in the nation, we appreciate the FHFA’s comprehensive review of FHLBanks, one of the most important yet least visible institutions supporting the American financial system. While Congress reviews and considers the recommendations included within the FHFA’s report, we look forward to hearing from FHLBank member institutions, the FHFA, the eleven regional FHLBanks, and the affordable housing partners they have supported for over 30 years. We also look forward to the opportunity for congressional input as the FHFA revises its supervisory guidance, and considers proposed rulemakings through an open process that allows for the input of the aforementioned groups.
The FHLBanks are simultaneously one of the most widely accessed sources of liquidity for financial institutions, and the largest private sector contributor to affordable housing solutions in the country. As the nation – and our state of California – continue to grapple with an affordable housing crisis, we want to ensure any potential changes to the system do not impede the FHLBanks’ ability to meet their affordable housing mission while also ensuring the American banking system remains sound and resilient both today and for future generations.”
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Congressman Vargas represents California’s 52nd Congressional District which includes portions of San Diego County, and a portion of California’s U.S.-Mexico border. Vargas was first elected to the U.S. House of Representatives in 2012 and is currently serving his sixth term in Congress. He serves on the House Financial Services Committee.