On 10/21/2021, during U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) highlighted many of the flawed housing provisions in the Democrats’ spending bill, including: race-based down payment assistance, repeal of the bipartisan Faircloth amendment limiting public housing expansion, and a $40 billion earmark for Leader Schumer—a “Schumark”—for the scandal-plagued New York City Housing Authority (NYCHA).

“Certainly looks a lot like Sen. Schumer securing a $40 billion earmark. Or should we call it the Schu-mark?” Toomey said. So it looks like half of all the bill’s public housing dollars will go to a housing authority plagued by scandals, bribery, and chronic mismanagement. It’s distressing to see Democrats pouring billions into outdated public housing projects and trap families in generational cycles of dependency and despair. Twenty years ago, both parties recognized the flaws in government-controlled housing. That’s why Congress capped the number of public housing units with the Faircloth amendment.

Senator Toomey also highlighted legislation he will be introducing to stop taxpayers from subsidizing loans to investors by winding down Fannie Mae and Freddie Mac’s acquisitions of single-family investor-property mortgages.

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$40B “Schumark”, Failed Public Housing, Fannie Mae & Freddie Mac Investor-Property Mortgages