This article was featured in the January/February 2017 issue of Austin REALTOR®.
The 2016 General Election ended with a bang. Even though much of the media attention was focused on the Presidential Election, the results of state and local elections can oftentimes have a larger impact on everyday lives of most Americans. We’ll walk through some key issues at all levels of government that may impact the real estate industry in the near future.
What is the future of Dodd-Frank?
The Dodd-Frank Wall Street Reform Act was signed into law in July 2010 by President Barack Obama. The stated aim of the bill was to “promote the financial stability of the United States by improving accountability and transparency in the financial system, to end “too big to fail,” to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes.”
In a November 2016 article for Forbes, Lawrence Yun, chief economist of National Association of REALTORS®, predicts that changes to the Dodd-Frank financial regulation will occur in some form. Yun mentions that potential reforms to Dodd-Frank could be both beneficial and harmful to real estate sector.
Amy Swinderson of Inman Select detailed the results of a 2016 NAR survey sent to 55,000 REALTORS®, asking for feedback on TRID. The survey showed that overall consumers have a better understanding of the home buying process thanks to TRID; however real estate agents still struggle with the rule’s complexities.
Thanks to REALTOR® Advocacy, your industry has had a seat at the table since the very beginning as an advocate for common-sense reform of Dodd-Frank, the CRPB, and TRID.
What about here in Texas?
ABoR and TAR understand the results state and local elections can have, which is why we endorse and support candidates at all levels of government. Here, in Texas, we didn’t see many significant changes in our state leadership stemming from the November election. Overall, REALTOR®-supported candidates did very well but with the 85th Legislative Session this year, thousands of bills will be filed that could have an impact on your business. You can be confident that TAR staff will read every single bill to ensure nothing gets through that could negatively affect your business or private-property rights in Texas.