House passes legislation increasing oversight of HUD

The U.S. House of Representatives passed two bills this week that came out of the House Financial Services Committee, including one that provides Congressional supervision of the Department of Housing and Urban Development (HUD).

The HUD Transparency Act of 2024 (H.R. 7280), introduced by Rep. Monica De La Cruz (R-TX), would increase congressional oversight and public accountability for HUD and its programs by requiring the HUD Inspector General to testify before the Committee on an annual basis.

The bill’s sponsor said the legislation addresses the need for consistent and formal oversight of HUD, ensuring that the significant federal funds allocated to the department are used to support those who need HUD benefits. Overall, the HUD Transparency Act seeks to combat waste, fraud, and abuse while promoting the responsible stewardship of taxpayer dollars.

“With HUD’s budget exceeding $70 billion, we must ensure these funds are used effectively to aid those in need. This is not a partisan issue but about ensuring that those who need HUD benefits can receive them efficiently and effectively,” De La Cruz said.

The Congress woman pointed out that the HUD Inspector General’s office had not testified before the House Financial Services Committee for five years until last year.

The other bill that passed in the House is the Financial Technology Protection Act of 2023 (H.R. 2969), sponsored by Rep. Zach Nunn (R-IA). This legislation establishes the Independent Financial Technology Working Group to Combat Terrorism and Illicit Financing under the Department of Treasury. Further, it encourages public-private sector partnership in examining issues surrounding illicit finance in the digital asset ecosystem.

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