Fair Housing Improvement Act of 2018

Mr. President. Today, I am pleased to join my colleague from Utah, Senator Orrin Hatch, to introduce the Fair Housing Improvement Act of 2018. This legislation would advance our nation in its long pursuit of achieving equal protection under the law and protecting all Americans from discrimination. This bill would prohibit housing discrimination based on source of income or veterans status and give millions and families and veterans greater access to affordable housing and economic mobility.

Many of you know I'm a former civil rights attorney. My practice focused on fair housing and I witnessed the pain experienced by families who were discriminated against as they searched for a home. Today, veterans who are good tenants with supportive housing vouchers can be turned down for an apartment or lease renewal because of how they pay their rent. Housing decisions should be based on your merits, not harmful stereotypes about those who receive housing assistance. If you pass a screening and background check, you shouldn't be denied a place to live because of your service record or how your rent will be paid. Unfortunately, this happens in America every day and it is wrong.

This legislation has support from organizations focused on affordable housing and helping those who have served find a place to live, including National Fair Housing Alliance, National Housing Law Project, National Low Income Housing Coalition, Paralyzed Veterans of America, and Veterans Association of Real Estate Professionals. Many of my colleagues in this chamber strongly support the housing vouchers that help 2.2 million veterans and low-income households live in decent, stable private market housing. I've said previously that your home is critical to your identity and central to the life of every American. I want to share a story about two of my constituents that illustrates the need for this bill.

Rudolph Nanez is a Navy veteran who lives in Virginia Beach with his wife, Jessica Youness. Rudolph moved to the United States from Spain as a teenager and earned a high school diploma. He joined the Navy and served three years on active duty, followed by several years in the reserves. Three years ago, Rudolph and Jessica faced a housing crisis and feared they would have to live on the street after temporarily relocating to a hotel. Fortunately, with the assistance of local Virginia nonprofits, they were able to find a home.

In September, Rudolph's wife Jessica contacted my office after they received an abrupt notice that their lease would not be renewed and they had to leave their home within 10 days, despite paying a portion of their rent regularly through a supportive housing voucher for veterans, known as HUD-VASH. Jessica was frustrated because, as she said, it takes time to find an apartment that will accept these vouchers. She couldn't understand why, after calling multiple apartment management companies to find an available unit, she then had to explain to the company representative what a supportive housing voucher was.

Rudolph and Jessica each have a disability and rely on public transportation. It was challenging to find housing near a bus stop and they needed time to save for a deposit on a new home. My office was able to work with the property manager to get Rudolph and Jessica's lease extended through next June.

This story had a happy ending. But it didn't have to come to this point. More than a dozen states and over 70 local jurisdictions have enacted laws to prohibit source of income discrimination in housing, and it's time Congress did the same.

Mr. President. Today, I am pleased to join my colleague from Utah, Senator Orrin Hatch, to introduce the Fair Housing Improvement Act of 2018. This legislation would advance our nation in its long pursuit of achieving equal protection under the law and protecting all Americans from discrimination. This bill would prohibit housing discrimination based on source of income or veterans status and give millions and families and veterans greater access to affordable housing and economic mobility.

Many of you know I'm a former civil rights attorney. My practice focused on fair housing and I witnessed the pain experienced by families who were discriminated against as they searched for a home. Today, veterans who are good tenants with supportive housing vouchers can be turned down for an apartment or lease renewal because of how they pay their rent. Housing decisions should be based on your merits, not harmful stereotypes about those who receive housing assistance. If you pass a screening and background check, you shouldn't be denied a place to live because of your service record or how your rent will be paid. Unfortunately, this happens in America every day and it is wrong.

This legislation has support from organizations focused on affordable housing and helping those who have served find a place to live, including National Fair Housing Alliance, National Housing Law Project, National Low Income Housing Coalition, Paralyzed Veterans of America, and Veterans Association of Real Estate Professionals. Many of my colleagues in this chamber strongly support the housing vouchers that help 2.2 million veterans and low-income households live in decent, stable private market housing. I've said previously that your home is critical to your identity and central to the life of every American. I want to share a story about two of my constituents that illustrates the need for this bill.

Rudolph Nanez is a Navy veteran who lives in Virginia Beach with his wife, Jessica Youness. Rudolph moved to the United States from Spain as a teenager and earned a high school diploma. He joined the Navy and served three years on active duty, followed by several years in the reserves. Three years ago, Rudolph and Jessica faced a housing crisis and feared they would have to live on the street after temporarily relocating to a hotel. Fortunately, with the assistance of local Virginia nonprofits, they were able to find a home.

In September, Rudolph's wife Jessica contacted my office after they received an abrupt notice that their lease would not be renewed and they had to leave their home within 10 days, despite paying a portion of their rent regularly through a supportive housing voucher for veterans, known as HUD-VASH. Jessica was frustrated because, as she said, it takes time to find an apartment that will accept these vouchers. She couldn't understand why, after calling multiple apartment management companies to find an available unit, she then had to explain to the company representative what a supportive housing voucher was.

Rudolph and Jessica each have a disability and rely on public transportation. It was challenging to find housing near a bus stop and they needed time to save for a deposit on a new home. My office was able to work with the property manager to get Rudolph and Jessica's lease extended through next June.

This story had a happy ending. But it didn't have to come to this point. More than a dozen states and over 70 local jurisdictions have enacted laws to prohibit source of income discrimination in housing, and it's time Congress did the same.

Mr. President, today I am joined by Senators Perdue, Heitkamp, Tillis, and Jones in introducing the bipartisan Corporate Governance Fairness Act to ensure investors can continue to rely with confidence on the advice of proxy advisory firms by requiring the Securities and Exchange Commission (SEC) to regulate all major proxy advisory firms under the Investment Advisers Act (IAA). This advice is critical for investors as they decide how to vote their shares on important corporate governance matters, such as director elections or whether to sell the company.

Indeed, the International Brotherhood of Teamsters has stated that the ``independence of the research provided by proxy advisors is a critical element of our right, as shareholders, to hold the board of directors accountable and to cast informed proxy votes on corporate governance and proxy voting policies.'' According to the Council of Institutional Investors, ``ensuring unencumbered shareholder access to independent research is a crucial underpinning of effective corporate governance.'' And the National Association of State Treasurers has emphasized the need to ``maintain the integrity and efficacy of the relationship between institutional investors and proxy advisory firms.'' In short, proxy advisory firms are clearly an essential tool for investors.

Given the importance that investors have placed on continued access to proxy advisory firms, it is critical that proxy advisory firms are appropriately regulated and held accountable, and this is the purpose of the bipartisan Corporate Governance Fairness Act. Under our legislation, all major proxy

advisory firms would be required to register as investment advisers under the IAA, and therefore have a fiduciary duty to their clients. So as to not discourage new entrants into the proxy advisory business, our bill provides smaller proxy advisory firms the choice to voluntarily register under the IAA but does not require them to do so. The legislation also directs the SEC to conduct periodic examinations, which must include a serious review of the conflicts of interest policies of registered proxy advisory firms and whether firms knowingly made false statements to any of its clients. Lastly, our bill requires the SEC to consult with all relevant stakeholders and report back periodically to the Senate Banking Committee and the House Financial Services Committee with recommendations for any additional investor protections beyond continued access to proxy advisory firms so that investors have the tools to make informed investment decisions and exercise their rights as shareholders. In short, the Congressional intent of this legislation is to preserve the critical role played by proxy advisory firms and to hold them accountable to investors.

I would like to thank Senators Perdue, Heitkamp, Tillis, and Jones for working with me in crafting this bipartisan legislation, which is supported by the Consumer Federation of America, Harvard Law School Securities Regulation Professor John Coates, who is also a member of the SEC Investor Advisory Committee, the New York Stock Exchange, and the Society for Corporate Governance. I urge all of our Senate colleagues to join us in working to pass the Corporate Governance Fairness Act.