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May 2023

May 1

Beginning on May 1, the Biden administration began to enforce their new mortgage rule which punishes buyers with good credit. The administration is requiring adjusting mortgage calculations to reduce costs for people with low credit scores by penalizing homebuyers with a FICO credit score at 680 or above. The new policy brings with it a raft of dangers to borrowers and financial stability, and could have the effect of decreasing homeownership among the middle class due to skyrocketing costs for creditworthy borrowers. This new framework will increase mortgage costs for lower-risk individuals, handicapping those borrowers with larger down payments, and will disincentivize good credit behavior—all during an inflation crisis.

May 11

The EPA proposed new power plant regulations in May to comply with the Biden administration’s aggressive climate and environmental goals. The proposed rules are the tightest ever emission-reduction standards for power plants, and would threaten electric reliability while raising energy prices to unsustainable levels.

May 16

After a bipartisan effort in Congress produced a Congressional Review Act resolution that would have undone the Biden administration’s two-year moratorium on solar tariffs, President Biden issued a veto on May 16 to keep his tariff suspension in place. This veto is another disappointing example of the Biden administration’s refusal to stand up for American workers and manufacturers as they choose instead to enable those who engage in unfair trade practices. The Biden administration continues to pick winners and losers in the energy marketplace as Americans suffer through an energy crisis of the administration’s creation.

May 25

President Biden vetoed a bill passed with bipartisan support that would have blocked the District of Columbia’s Comprehensive Policing and Justice Reform Amendment Act of 2022. Despite initially signaling their opposition to the DC crime bill by signing a Congressional disapproval resolution, the Biden administration caved to pressure from the radical Left and vetoed this latest effort to make our nation’s capital safer.