Washington, DC (March 16, 2018) Congressman Steve Pearce introduced H.R. 5287, the Preserving Access to Rural Installment Transactions for Years (PARITY) Act, to improve access to safe and affordable housing for people in rural communities. Due to new federal government regulations, banks in rural towns across the nation have exited the market, leaving potential homeowners with few credit options for financing their purchase. This bill offers an alternative to these regulations and prevailing market interest rates by restoring the ability of an owner to self-finance a home for the prospective buyer directly.
“Since the housing crisis in 2008, people in rural communities have been paying the price for what happened on Wall Street. Today, burdensome regulations on mortgage credit has led potential homeowners with nowhere to turn for credit options. For states like New Mexico, this change has hit our communities hard. That is why I’ve introduced the PARITY Act to increase housing opportunities to moderate and low-income families, as well as first time home buyers. This bill also makes it easier for people like Ma and Pa who want to sell their property in retirement to do so, without removing any safeguards that protect consumers against abusive lending practices,” stated Rep. Pearce. “As someone who not only grew up in a rural town, but who also had a manufactured house as my first home, I understand the importance of multiple options for safe and affordable housing options in rural communities. It is my hope that this bill will serve as a solution for many sellers and potential homeowners throughout New Mexico and across the nation.”
Background H.R. 5287 amends the Truth in Lending Act to exempt from the definition of loan originator a seller providing financing for the sale of five or fewer properties in a 12-month period, of which the property is owned by the seller and used as security for the loan. Qualifying sellers include persons as well as entities, such as corporations, partnerships, proprietorships, associations, cooperatives, estates, and trusts.
Seller financing, also known as owner financing, is a type of financing where a property buyer finances the purchase directly through the person or entity selling it. Sellers agree to receive their equity in their property from the buyer in an installment sale, and the buyer and seller negotiate the terms of the sale; including the sale price, down payment, monthly payment, interest rate and amortization. The seller receives payments while the buyer gets the benefits of owning a property.
This type of financing is often used when the prospective buyer cannot obtain funding through a conventional mortgage lender, or is unwilling to pay the prevailing market interest rates. These transactions are common in the south and west, as properties in less populated areas often have features that do not easily fit the underwriting requirements of the Federal Housing Authority (FHA) and Government Sponsored Entities (GSEs) requirements; including older manufactured housing, homes located on larger acreages, and unique homes such as mountain cabins or other rural homes that do not include modern conveniences but are desirable to a buyer.
Washington, DC (March 15, 2018) Congressman Steve Pearce today led the Terrorism and Illicit Finance Subcommittee hearing entitled “After the Breach: the Monetization and Illicit Use of Stolen Data.” An increasing amount of cyber-attacks have led to electronic identity theft along with credit card and other types of fraud. This hearing examined the economics of cybercrime, the monetization of stolen data from cyber-attacks, the role that dark web marketplaces play in helping criminals profit from their theft, and how illicit proceeds are laundered into our financial system.
“Cybertheft is particularly damaging because the sensitive information being stolen, including Social Security Numbers, is difficult or sometimes impossible to change. The victim of a breach can become a victim repeatedly as their identity can be used to apply for credit cards, mortgages, and other financial products over and over again. Unfortunately, this activity is only becoming more widespread as criminal organizations realize the low cost of entry, the ease of using hacking tools, and the difficulty law enforcement faces trying to apprehend hackers. I thank the witnesses and my colleagues for discussing how we can combat these cyber-attacks and protect Americans’ sensitive information. I look forward to continuing this work so we can strengthen our financial system to better predict and prevent future breaches,” stated Rep. Pearce.
Background The monetization of stolen data, which has historically been a hurdle for cybercriminals, has become less difficult because of improvements in dark web black markets and the spread of digital currencies. Last month the Council of Economic Advisors released a report estimating that malicious cyber activity cost the U.S. economy between $57 and $109 billion in 2016, and this cost is expected to climb as more devices become internet connected. It is estimated that in 2017 there were 610 public and private breaches in the United States, triggering the exposure of 1.9 billion records.
Click here for more information on today’s hearing, including the Committee Memorandum and witness list.
Washington, DC (March 14, 2018) The U.S. House of Representatives today passed H.R. 1116, the Taking Account of Institutions with Low Operation Risk (TAILOR) Act of 2017, to reform mandates under Dodd-Frank and relieve small banks and other community financial institutions from burdensome compliance regulations. This bill requires federal regulatory agencies to tailor regulations to fit the institution’s profile and risk it presents to the stability of the financial system.
“Due to regulations under the Dodd-Frank Act, small banks and credit unions in rural communities around New Mexico, and across the nation, are regulated under a one-size-fits-all-approach without consideration of their size or risk profile. As a result, many small banks are unable to keep up with mounting compliance costs and are either forced to reduce services or shut down completely. From helping families purchase their first home to providing credit for small businesses, small banks and credit unions are important for generating job growth and economic prosperity in our communities. I’m pleased to see this bill move forward today, and will continue working to put an end to crippling financial regulations that punish Main Street.”
The TAILOR Act requires federal regulatory agencies, including the Consumer Financial Protection Bureau, to examine the risk profile and business models of banks as well as other community financial institutions under their jurisdiction and tailor any regulatory action appropriately.
WASHINGTON — U.S. Representatives Steve Pearce, Ben Ray Luján and Michelle Lujan Grisham and U.S. Senators Tom Udall and Martin Heinrich urged Secretary of Commerce Wilbur Ross not to approve additional tariffs on newsprint, which could devastate local papers across New Mexico.
In January, the Commerce Department imposed import duties on Canadian groundwood paper, a kind of newsprint used by newspapers across the country, and are now considering additional tariffs. According to the lawmakers and thousands of newspapers nationwide — including eight in New Mexico — the tariffs are dramatically increasing paper prices and additional cost increases would be unsustainable for many papers, especially small, local newspapers, and force some to shut down amid other ongoing financial pressures in the newspaper industry.
"The newspaper industry is facing duties on Canadian newsprint and changes to the cost of shipping, which could be catastrophic for publishers in the southwest. These changes will result in nationwide increases in newsprint prices," the lawmakers wrote. "We urge you to use your discretion to revisit the domestic industry’s support of this petition and consider the adverse impact to domestic manufacturers and publishers before proceeding with these investigations."
Full text of the letter is available here and below:
The Honorable Wilbur RossSecretary of CommerceUnited States Department of Commerce1401 Constitution Avenue N.W.Washington, D.C. 20230
Dear Secretary Ross,
We write to share our concerns and the concerns of constituents in our state over investigations into the import of uncoated groundwood paper from Canada. We urge you to fully consider domestic businesses and the potential impacts changes to the importation of uncoated groundwood paper would have on newsprint customers before proceeding with these investigations.
In December, alongside over one thousand newspapers in cities and towns across the country, eight local New Mexico newspapers wrote to you asking that the U.S. Department of Commerce, “heavily scrutinize the antidumping and countervailing duty petitions filed by North Pacific Paper Company (NORPAC),” and that imposition of duties on groundwood paper, “would have a very severe impact on our industry and many communities across the United States.”
The newspaper industry is facing duties on Canadian newsprint and changes to the cost of shipping, which could be catastrophic for publishers in the southwest. These changes will result in nationwide increases in newsprint prices. The countervailing duties announced in January of 4.4-9.9% and potential of further dumping penalties will add to the cost of publication and freight. Duties substantially increase the cost of newsprint and domestic mills are estimated to produce only a fraction of the total number of tons used by U.S. publishers.
Again, we urge you to use your discretion to revisit the domestic industry’s support of this petition and consider the adverse impact to domestic manufacturers and publishers before proceeding with these investigations.
Contacts: Jennifer Talhelm (Udall) 202.228.6870 / Whitney Potter (Heinrich) 202.228.1578 / Keeley Christensen (Pearce) 202.329.2862 / Joe Shoemaker (Luján) 202.225.6190 / Natalie Armijo (Lujan Grisham) 202.225.6316
Washington, DC (March 8, 2018) Congressman Steve Pearce released the following statement after the release of the Government Accountability Office’s (GAO) report on the amount of taxpayer dollars that went towards funding for abortion service providers, including Planned Parenthood Federation of America (PPFA), Marie Stopes International (MSI), and International Planned Parenthood Federation (IPPF):
“Congress has the responsibility to protect the rights and liberties of all American taxpayers, and to be transparent about how their hard-earned money is being spent. It has become common practice for the federal government to force taxpaying Americans, regardless of their conscience beliefs and faith, to foot the bill for organizations that provide abortion services. This is flat out wrong. Not only does it fly in the face of our nation’s freedoms and values, but it disrespects the sanctity of life. All human life is precious. I will continue working to ensure that all life brought into this world is valued and to stand up for the rights of those who cannot speak for themselves. Moving forward, Congress must look at policies, both foreign and domestic, to make sure the Constitutional rights and liberties of Americans are put first.”
Background Over 120 Members of Congress, both the House and Senate, requested the report which found that three organizations spent $410 million in federal funding between 2013 and 2015, while they received $1.2 billion federal and state funds. Altogether, more than $1.5 billion in taxpayer dollars funded abortion providers in the span of three years.
While the Hyde Amendment prevents any direct funding for abortions, federal dollars are fungible, meaning taxpayer dollars can be used to provide additional funding for abortion services. Further, there are no Hyde protections for state funds in New Mexico. Women who have New Mexico Medicaid and other HHS funding are currently able to use state tax dollars to fund abortions up to and including third trimester abortions.
Washington, D.C. (March 6, 2018) - Today, Congressman Steve Pearce (NM-02) and Congressman Tom O'Halleran (AZ-01) introduced bipartisan legislation to assist Indian tribes in maintaining, expanding, and deploying broadband systems.
“Throughout New Mexico, rural communities are all too familiar with the difficulties and limitations of accessing high-speed broadband. This affects the livelihoods of many people who are simply trying to apply for jobs, go to school, or stay connected with the rest of the world. Tribal communities, not only in New Mexico but throughout the West, are severely underserved with an increasing rate being left in the dark. I’m joining Congressman O’Halleran today to ensure that Tribes have the technical assistance necessary to access federal funding for deployment, expansion, and maintenance of broadband infrastructure. This is one step of many that will help end the digital divide between tribes and the rest of the country,” stated Rep. Pearce.
"Access to reliable, affordable broadband is critical for the economic vitality of a region and the educational success of students, but throughout Indian Country, many communities lack even the most basic access to internet. Resources that could be used to invest in an expansive broadband system that connects rural and tribal communities with the wider world are often used up by metropolitan areas," stated Rep. O'Halleran. "This legislation is a commonsense solution to close the gap between ubran and rural communities by providing tribal governments with access to funds to build and maintain a 21st century infrastructure system. This is not a partisan issue, it is an economic development issue for the region, and I am proud to have the support of my colleague Congressman Pearce on this legislation."
The legislation provides assistance to tribes to identify and apply for federal programs and grants for broadband deployment and maintenance, and it allows tribal governments to establish tribal grant programs for these projects.
Washington, DC (March 6, 2018) Congressman Steve Pearce today invites high school students from across New Mexico’s Second Congressional District to apply for this years’ Congressional Art Competition. Since this competition was created in 1982, hundreds of thousands of high school students from around the country have participated at the local level.
The winning entry will be displayed on the grounds of the United States Capitol, hanging in the tunnel of the Cannon House Office Building in Washington, D.C. Furthermore, the winner will receive two complimentary roundtrip tickets to enable him/her to attend the unveiling ceremony in Washington, D.C.
High School Students from New Mexico’s Second Congressional District are encouraged to apply. Submissions must be no larger than 26 inches high, 26 inches wide, and 4 inches deep. If your artwork is selected as the winning piece, it must arrive in Washington, DC, framed. Even when framed, it must still measure no larger than the above maximum dimensions. No framed piece should weigh more than 15 pounds. It is strongly recommended, but not required, that submissions be matted.
Application materials are available online at https://pearce.house.gov/ArtCompetition. The application form, artwork, and signed release form must all be submitted to Congressman Pearce’s district offices in Hobbs, Las Cruces, Socorro, or Roswell located at:
Hobbs 200 East Broadway Hobbs, NM 88240
Las Cruces 570 N Telshor Blvd Las Cruces, NM 88011
Roswell 1717 W 2nd Street, Suite 110 Roswell, NM 88201
Socorro 111 School of Mines Road Socorro, NM 87801
Deadline to submit your artwork is April 20, 2018. Please contact Barbara Romero, District Advisor at 575-517-7330 or Barbara.Romero@mail.house.gov with any questions.
Washington, DC (March 6, 2018) Congressman Steve Pearce released the following statement after the Supreme Court of the United States (SCOTUS) ruled that the federal government can seek damages against New Mexico in the Texas water case against the state:
“Water is a vital resource in New Mexico and is essential for the growth of our economy and development of our communities. From resolving battles between ranchers and the federal government to protecting water access rights of irrigators, I have fought tirelessly to protect the access rights of all people across New Mexico. This ruling not only furthers the case for Texas, but allows the federal government to stake their involvement in the claim as creators of the Rio Grande Compact. I am disappointed to see the rights of New Mexicans jeopardized throughout this case. As this moves forward, it is my hope that all arguments will be given a fair assessment before final ruling.”
Background Texas claims New Mexico is violating the Rio Grande Compact by drilling water wells south of the Elephant Butte Reservoir in New Mexico. Earlier this year, the SCOTUS threw out New Mexico’s motion to dismiss the lawsuit. Yesterday, the SCOTUS ruled that the federal government also has a role in the case as it is responsible for water deliveries to Mexico and it played a role in the original drafting of the Compact.
Las Cruces, NM (February 19, 2018) Congressman Steve Pearce released the following statement after holding a Press Conference with Gary Coppedge, CEO of Haciendas at Grace Village (HGV), discussing the local impact and benefits of tax reform on businesses and the New Mexico workforce:
“It’s been two months since historic tax reform legislation was signed into law. As a result, businesses here in New Mexico and across the nation are putting their savings where it counts – their employees and the local economy,” stated Rep. Pearce. “When I was a business owner, these opportunities were not available for me to more easily expand operations or provide greater benefits to my hardworking employees. That’s because in the past, small businesses were not a priority. By simplifying the tax code, cutting taxes for middle- and lower-class families, and supporting businesses, we are once again refocusing on making the nation stronger and more competitive on a global scale. I hope to see more owners like Gary Coppedge announce plans to expand and invest in their employees for a better, stronger New Mexico.”
Across the nation, 4 million workers and counting are seeing the benefits of tax reform thanks to businesses using their savings to give out bonuses, raise wages, and increase investments into the U.S. economy. More than 90% of workers will see bigger paychecks since the IRS updated income-tax withholding tables for 2018, even as early as this month. Tax cuts are even fueling confidence for companies in the U.S., with optimism among small businesses raising more than projected for the month of January and owners saying now is a good time to expand operations.
Businesses around New Mexico and the nation have an increased confidence in their company’s annual earnings due to federal tax reform. HGV is one example of a company in Las Cruces that is optimistic with a more business friendly environment. Recently, HGV announced they will increase salaries and bonuses for employees, and are launching plans for a $3,000,000 expansion that will create about 20 new full-time jobs in the area.
“I knew that the proposed tax cuts would be very beneficial for Haciendas at Grace Village right here in Las Cruces, and now that the tax cuts are law, we have more resources to invest in expanding operations and benefits for employees, including pay raises,” stated Gary Coppedge, CEO of Haciendas at Grace Village. “It is because of their hard work that this company is successful, and it is satisfying to be able to give back to them for their dedication. I thank Congressman Pearce for joining me here today to celebrate the positive results we’re seeing thanks to tax reform. This is not only good news for HGV, but for the economy and community throughout the Mesilla Valley.”
Washington, DC (February 12, 2018) Congressman Steve Pearce released the following statement after President Trump released his infrastructure plan:
“As a state vastly comprised of rural communities, we understand just how important infrastructure projects are to improve the livelihoods of people, families, and businesses in our State. It is vital for the safety and productivity of New Mexico that Congress looks to reform how we currently fund and complete infrastructure projects. New Mexico will greatly benefit from any positive improvements to infrastructure. At the same time, our nation faces extreme budget pressures. Any plan must be one that can work to improve and modernize the nation’s infrastructure without driving the United States into further debt. I look forward to working with the Administration and my colleagues in Congress to making the essential reforms to the nation’s infrastructure projects that will benefit New Mexico.”
2432 Rayburn HOB
Washington, DC 20515
Steve Pearce was born in 1947 to a large working-class family. He was raised in Hobbs, New Mexico, where his father worked as a roustabout, selling vegetables on the side of the road to make ends meet. With six children to feed, times were often hard in the Pearce household, but his upbringing has made it easy for Steve to relate to the hardworking people of southern New Mexico.
Steve attended New Mexico public schools his entire life, and graduated with a bachelor’s degree in economics from New Mexico State University and an MBA from Eastern New Mexico University. During the Vietnam War, Steve served as a combat pilot, flying over 518 hours of combat flight and 77 hours of combat support. He was awarded the Distinguished Flying Cross and two Air Medals, as well as seven other military medals and four exceptional service awards. Steve continued service at Blytheville Air Force Base in Arkansas, and attained the rank of Captain.
In addition to his firsthand knowledge of the military and its importance to America, Steve is a respected small-businessman who thoroughly understands the economic issues facing our country. He and his wife Cynthia long owned and operated Lea Fishing Tools, an oilfield services company in Hobbs. Because of this role, Steve is well aware of the regulations and taxes that plague small-business owners, and wants to help get government out of the way of these hard-working Americans. Having built his business from the ground up, Steve created 50 jobs in his community. He is confident that small businesses throughout southern New Mexico form the backbone for job creation and economic growth.
In 1996, Steve was elected to the New Mexico House of Representatives, where he served until 2000. During this time, he was elected as Caucus Chair and served on the Appropriations Committee. He was widely recognized for his work in economic development, in which he applied the commonsense principles he had gained as a small-business owner.
In 2002, Steve was elected to the U.S. House of Representatives, where he served until 2009. With the retirement of Senator Pete Domenici, many New Mexicans were concerned about the loss of a strong conservative voice representing New Mexico in the Senate. Steve again answered the call to serve by leaving the House and running for U.S. Senate. His bid was ultimately unsuccessful, but in 2009, amidst an economic crisis, the passage of the President’s healthcare bill, and expansion of government regulation, Steve decided to again run for Congress. As he explained to friends and family, he made the tough decision because he was afraid for his country, and wanted to keep fighting for New Mexico.
Today, Steve continues a lifetime of service as New Mexico’s only conservative voice in Washington. Steve was appointed by his peers to serve on the House Committee on Financial Services, and as chairman of the Congressional Western Caucus. He continues his work making New Mexicans’ voices heard, helping to create jobs in southern New Mexico, and fighting for the liberty of all Americans.
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Tune in today at 2:00 PM EST as I chair the Terrorism & Illicit Finance Subcommittee hearing on combating cyber-att… https://t.co/8KqqC2MhTe
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