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New legislation could impact housing market, economy

Posted on Wednesday, September 10, 2014 at 10:10:49 AM

H.R. 5078 - or the Waters of the United States Regulatory Overreach Protection Act - is designed to prevent the Environmental Protection Agency and the Army Corps of Engineers from creating new rules and regulations surrounding the Clean Water Act. It was recently passed in the U.S. House of Representatives, and the bill has the ability to impact the housing market and the economy.

It has also garnered supporters and detractors. According to the White House, the Obama Administration is against the passage of H.R. 5078, arguing that allowing the EPA and the COE to make jurisdictional boundaries is crucial to clean water in this country. The legislation would prevent these agencies from having control over most bodies of water in the U.S.

On the other hand, the National Association of Home Builders and chairman Kevin Kelly are in favor of the bill

"NAHB commends the House for passing bipartisan legislation championed by Rep. Steve Southerland (R-Fla.) that would prevent federal overreach by EPA and the U.S. Army Corps of Engineers that would harm individual landowners and home buyers and impact economic growth," Kelly said in a statement.

The NAHB fears that the bill would restrict the freedoms of landowners. That could have a ripple effect through the housing market, the economy and down to the consumer level. It is worth following if you are interested in residential financing rates and buying real estate.