Text of Senate Amendment 4368

Text of Senate Amendment 4368

Congressional Record, Volume 172 Issue 42 (Thursday, March 5, 2026) [Congressional Record Volume 172, Number 42 (Thursday, March 5, 2026)] [Senate] [Pages S904-S905] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] SA 4368. Ms. ROSEN submitted an amendment intended to be proposed by her to the bill H.R. 6644, a bill to increase the supply of housing in America, and for other purposes; which was ordered to lie on the table; as follows: At the appropriate place, insert the following: SEC. ___. HOUSING OVERSIGHT AND MITIGATING EXPLOITATION. (a) Definitions.--In this section: (1) Affordable housing crisis period.--The term ``affordable housing crisis period'' means the period during which the prohibition under subsection (b)(1)(A) applies in the United States. (2) Secretary.--The term ``Secretary'' means the Secretary of Housing and Urban Development. (3) Single-family housing.--The term ``single-family housing'' means a residence consisting of 1 to 4 dwelling units, but does not include a dwelling unit in a condominium or cooperative housing project. (4) United states.--The term ``United States'' includes each of the 50 States, the District of Columbia, and any territory or possession of the United States. (b) Unconscionable Pricing of Residential Rental and Sale Prices During Affordable Housing Crises.-- (1) Unconscionable pricing.-- (A) Prohibition.--If the Secretary publishes in the Federal Register a determination that the United States is experiencing an affordable housing crisis, it shall be unlawful, during the affordable housing crisis period, for any person to rent a dwelling unit or sell any single-family housing in the United States at a price that-- (i) is unconscionably excessive; and (ii) indicates the lessor or seller is exploiting the circumstances related to an affordable housing crisis to increase prices unreasonably. (B) Considerations for affordable housing crisis determination.--For purposes of determining whether the United States is experiencing an affordable housing crisis, the Secretary shall consider-- (i) the interest rates applicable to mortgage loans; (ii) the effective Federal funds rate; (iii) the refinance rates applicable to mortgage loans, including for fixed-fixed loans, fixed-variable loans, and variable-fixed loans; (iv) the median rental home price in the United States; (v) the median home sale price in the United States; (vi) the median household income in the United States; and (vii) the declaration of a major disaster or emergency under the section 401 or 501, respectively, of the Robert T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 5170, 5191). (C) Duration.--The prohibition described in subparagraph (A)-- (i) may not apply for a period of more than 30 consecutive days, but may be renewed for such consecutive periods, each not to exceed 30 days, as the Secretary determines appropriate; and (ii) may apply for a period of time not to exceed 1 week before a reasonably foreseeable affordable housing crisis period. (D) Factors considered.-- (i) In general.--In determining whether a person has violated subparagraph (A), there shall be taken into account, among other factors, the aggravating factors described in clause (ii) and the mitigating factor described in clause (iii). (ii) Aggravating factors.--The aggravating factors described in this clause are the following: (I) Whether the amount charged by such person grossly exceeds the average price at which the housing unit was offered for rental or sale by such person during-- (aa) the 30-day period before the date on which the determination that the area is experiencing an affordable housing crisis was made under subparagraph (A); or (bb) another appropriate benchmark period, as determined by the Secretary. (II) Whether the amount charged by such person grossly exceeds the price at which the same or a similar housing unit was readily obtainable for rental or purchase in the same area from other sellers during the affordable housing crisis period. (iii) Mitigating factor.--The mitigating factor described in this clause is whether the quantity of any housing dwelling units such person made available for rental or sale in an area covered by the affordable housing crisis period during the 30-day period following the date on which the affordable housing crisis period was determined increased over the quantity such person made available for rental or sale during the 30-day period before the date on which the affordable housing crisis period was determined, taking into account any usual seasonal demand variation. (E) Advance notice.--The Secretary shall provide advance notice prior to the publication of the determination under subparagraph (A) for persons to comply with the prohibition described in subparagraph (A). (2) Affirmative defense.--It shall be an affirmative defense in any civil action or administrative action to enforce paragraph (1), with respect to the renting out or sale of housing by a person, that the increase in the rental or sale price of such housing reasonably reflects additional costs that were paid, incurred, or reasonably anticipated by such person, or reasonably reflects additional risks taken by such person, to rent or sell such housing unit under the circumstances. (3) Rule of construction.--This subsection may not be construed to cover a transaction on a futures market. (4) Enforcement.-- (A) HUD.--The Secretary shall enforce violations of paragraph (1) of this subsection-- (i) in the same manner, by the same means, and with the same jurisdiction, powers, and duties as the Federal Trade Commission has under the Federal Trade Commission Act (15 U.S.C. 41 et seq.) with respect to violations of a rule defining an unfair or deceptive act or practice prescribed under section 18(a)(1)(B) of such Act (15 U.S.C. 57a(a)(1)(B)); and (ii) as though all applicable terms and provisions of the Federal Trade Commission Act (15 U.S.C. 41 et seq.) were incorporated into and made a part of this subsection, except that any reference in such terms and provisions to the Commission shall be treated as referring to the Secretary. (B) Enforcement at retail level by state attorneys general.-- (i) In general.--If the chief law enforcement officer of a State, or an official or agency designated by a State, has reason to believe that any person has violated or is violating paragraph (1), the chief law enforcement officer, official, or agency of the State, in addition to any authority it may have to bring an action in State court under its laws, may bring a civil action in any appropriate United States district court or in any other court of competent jurisdiction to-- (I) enjoin further such violation by such person; (II) enforce compliance with such subsection; (III) obtain civil penalties; and (IV) obtain damages, restitution, or other compensation on behalf of residents of the State. (ii) Notice.--The State shall serve written notice to the Secretary of any civil action under clause (i) before initiating such civil action. The notice shall include a copy of the complaint to be filed to initiate such civil action, except that if it is not feasible for the State to provide such prior notice, the State shall provide such notice immediately upon instituting such civil action. (iii) Authority to intervene.--Upon receipt of the notice required by clause (ii), the Secretary may intervene in such civil action and upon intervening-- (I) be heard on all matters arising in such civil action; and (II) file petitions for appeal of a decision in such civil action. (iv) Construction.--For purposes of bringing any civil action under clause (i), nothing in this subparagraph shall prevent the chief law enforcement officer of a State from exercising the powers conferred on the chief law enforcement officer by the laws of such State to conduct investigations or to administer oaths or affirmations or to compel the attendance of witnesses or the production of documentary and other evidence. (v) Limitation on state action while federal action is pending.--If the Secretary has instituted a civil action or an administrative action for violation of paragraph (1), a chief law enforcement officer, official, or agency of a State may not bring an action under this subparagraph during the pendency of that action against any defendant named [[Page S905]] in the complaint of the Secretary or another agency for any violation of this section alleged in the complaint. (vi) Rule of construction.--This subparagraph may not be construed to prohibit an authorized State official from proceeding in State court to enforce a civil or criminal statute of such State. (5) Low-income housing assistance.-- (A) Deposit of funds.--Amounts collected in any penalty under paragraph (4)(A) shall be deposited in the Housing Trust Fund established under section 1338 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4568). (B) Use of funds.--To the extent provided for in advance in appropriations Acts, the amounts deposited in the Fund shall be used to increase and preserve the supply of rental housing affordable to extremely low- and very low-income families, including homeless families, in accordance with section 1338 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4568). (6) Effect on other laws.-- (A) Other authority of federal housing administration.-- Nothing in this subsection may be construed to limit the authority of the Secretary under any other provision of law. (B) State law.--Nothing in this subsection preempts any State law. (c) HUD Investigation and Report on Housing Prices.-- (1) Investigation.-- (A) In general.--The Secretary shall conduct an investigation to determine if the prices for rental housing units or sale of single-family housing are being manipulated by reducing housing capacity or by any other form of market manipul