Two top legislative issues for Realtors® discussed this week

Brokers across the state heard updates on legislative issues important to Realtors® at the federal level this week. Jamie Gregory, the National Association of Realtors’® (NAR) chief deputy lobbyist assigned to Pennsylvania, highlighted the issues NAR has been working on for several legislative sessions. Everyone hears about the gridlock in Washington and it seems like legislation that affects the real estate industry isn’t immune to this.

Two of the top legislative issues NAR is focusing on are reinstating mortgage debt cancellation and reauthorizing terrorism risk insurance for businesses. Both bills could possibly see movement in the fall.

In May, a bill that includes reinstating mortgage debt cancellation moved to the floor of the Senate where, unfortunately, it became bogged down over partisan election-year politics. Essentially, Republicans and Democrats in the Senate came to a standoff regarding whether or not certain amendments should be allowed to be offered to the legislation. When the Democratic Majority Leader of the Senate refused to allow an open amendment process, Republicans exercised their rights to prevent the bill from moving to a vote. After almost two weeks of this wrangling, the leader indicated that there is almost no hope of this bill being passed until after this fall’s elections.

The Senate approved the Terrorism Risk Insurance Program Reauthorization Act of 2014 this summer. This strong show of bipartisan support for the program follows NAR sending a letter to Senators urging their support of this bill. The bill reauthorizes the federal program created by the Terrorism Risk Insurance Act (TRIA) of 2002 for seven years. The government backstop created by the program for cases of catastrophic losses due to a terrorist event allows private insurers to provide affordable terrorism insurance coverage throughout the country. The recoupment provision protects taxpayers while costing the government nothing. In June, the House Financial Services Committee approved its version of a TRIA reauthorization bill.

It’s important to be an active member of the Realtor® grassroots network. As these issues start to see movement, NAR may issue a Call for Action. To make sure you’re receiving Calls for Action and staying up to date on all federal issues, you should download the Realtor® Mobile Action app. It will notify you when there is a Call for Action, allow you to respond quickly and easily from your phone and make it a cinch to invest in the Realtors® Political Action Committee (RPAC). Text “APP” to 3064 or download the “NAR Action Center” on your iPhone/iPad or Android.

Our elected officials need to hear your voice when deciding how to vote. Your voice is power.