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Financial Reform

I am honored to serve as the Chairman of the House Financial Services Subcommittee on Housing, Community Development and Insurance.

We are on a mission to restore consumer protection, fair housing and a real chance to achieve the American dream to millions of working families.

Especially for the millions of qualified prospective minority home buyers who are often locked out of the market.

I’m fighting to reform the housing finance system to ensure that underserved minority borrowers in our more challenged neighborhoods have access to mortgages, insurance, fair appraisals, and fair inspections to give them a real chance at home ownership. 

As Chairman, I’m exposing and attacking the insidious and racist practice of red-lining in minority neighborhoods.

For far too long, lenders, insurance companies and appraisers have been allowed to write off entire sections of American cities and the good people who live there, as disposable.

That’s racist, that’s wrong, and it needs to end.

We are going to close the home ownership gap.

And under the leadership of my great friend, Chairwoman Maxine Waters, the Financial Services Committee is also shining a bright light on the national disgrace of homelessness in America.

We are fighting for emergency housing, transistional housing, and millions of affordable housing units for low and moderate income families across this country.



That's why I'm proud to sponsor/cosponsor and support:

H.R.3958 — The FHA Foreclosure Prevention Act of 2019, which would make necessary reforms to improve compliance with loss mitigation requirements by servicers of mortgages for single family housing insured by the FHA and to prevent foreclosures on FHA borrowers.

H.R.3620 — The Strategy and Investment in Rural Housing Preservation Act of 2019, recently passed by the U.S House, which would provide $1 billion in rental assistance to low-income tenants in certain multifamily rural housing projects financed by the Rural Housing Service of the Department of Agriculture, and to develop and implement a plan for preserving the affordability of rural rental housing.  The bill also establishes a permanent Housing Preservation and Revitalization Program.

H.R.3619 — The Appraisal Reform Act of 2019, recently passed by the U.S. House, which would amend the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to provide the Appraisal Subcommittee with the authority to modify annual registry fees for  appraisal management companies, to maintain a registry of trainees and charge a lower trainee registry fee, and to allow grants to States to assist appraiser and potential appraiser compliance with the Real Property Appraiser Qualification Criteria,  

 H.R.1690 —The Carbon Monoxide Leading Every Resident to Safety Act of 2019, which would require the installation of carbon monoxide alarms or detectors in all federally assisted housing.

 H.R.1856 — The Ending Homelessness Act of 2019, which would provide a path to end homelessness in the United States.

 H.R.2930 — The Loan Shark Prevention Act, which would protect consumers from unlawful usury.

H.R.1500 — The Consumers First Act, which would revise provisions related to the administration of the Consumer Financial Protection Bureau (CFPB) including establishing requirements for staffing levels, political apppointees, and the publication of consumer complaints regarding consumer financial products or services.

H.R.1595 — The SAFE Banking Act of 2019, which would create federal protections for depository institutions that provide financial services to cannabis-related legitimate businesses and service providers for such businesses.



More on Financial Reform

May 15, 2020 Press Release

Clay Applauds Passage of Historic Heroes Act

Bold Emergency Legislation Will Provide Critical Help to States and Local Governments, Hazard Pay for Essential Workers, Urgent Help for Homeowners and Renters


March 27, 2020 Press Release



Everything You Need to Know

Dear Friends,

Our nation faces the worst pandemic in decades. Urgent action is needed to address this unprecedented threat to the United States of America, and most importantly, the lives and livelihood of the American people.

March 27, 2020 Press Release

Clay Applauds Passage of Historic CARES Act to Put Families & Workers First

Emergency Coronavirus Legislation Will Save Lives, Save Jobs and Save Small Businesses


WASHINGTON, DC – Today, Congressman Wm. Lacy Clay (D) Missouri applauded passage of the historic CARES Act, the $2 trillion Families and Workers-First legislation, which will now go to the President’s desk for his signature.

February 12, 2020 Press Release

Clay & Waters Request GAO Study to Protect Homeowners from Appraisal Loopholes



February 4, 2020 Press Release





NOTE:  The following, in its entirety, is a

First-person statement by

Congressman Wm. Lacy Clay (D) Missouri

November 6, 2019 Press Release

Clay Introduces Student Loan Debt Reform Package to Lower Interest Rates,

Protect Borrowers and Reduce Excessive Debt

RED ACT and Student Debt Relief Act Will Target Nation’s $1.5 Trillion Student Loan Emergency


September 11, 2019 Press Release




NOTE:  The following, in its entirety,

is a first-person statement from

Congressman Wm. Lacy Clay (D) Missouri


House Financial Services Subcommittee on Housing, Community Development & Insurance


April 5, 2019 Press Release

WASHINGTON, DC – After an urgent effort by Congressman Wm. Lacy Clay (D) Missouri, the Federal Housing Finance Agency has released payments of over $367 million to two vital programs that support access to affordable housing.  The long-delayed payments include $244 million to the Housing Trust Fund and $131 million to the Capital Magnet Fund.

The decision to release the funds came after Mr. Clay directed a letter to FHFA Acting Director Joseph Otting, urging him to allow funding access to affordable housing as a top, bipartisan national priority.

October 2, 2018 Press Release

NOTE: The following, in its entirety, is a first-person

statement by Congressman Wm. Lacy Clay (D) Missouri


Congressman Wm. Lacy Clay (D) Missouri praised the just-signed $854 billion omnibus spending package that will fully fund many functions of the federal government through Fiscal Year 2019 and also includes some key spending priorities to address critical issues championed by the Congressional Black Caucus.