On behalf of the Bipartisan Policy Center’s Energy Project, I want to thank you for underscoring the importance of technological innovation in economic growth and international competitiveness at the House Science, Space, and Technology Subcommittee on Research and Technology hearing on December 12, 2013, on H.R. 2996, the Revitalize American Manufacturing and Innovation Act. We endorse your bipartisan efforts to strengthen the American innovation ecosystem and increase the competitiveness of American manufacturing.
On behalf of the Bipartisan Policy Center’s Energy Project, I want to thank you for underscoring the importance of technological innovation in economic growth and international competitiveness through your proposed America INNOVATES Act. We endorse your bipartisan efforts to strengthen the American innovation ecosystem and increase the economic return from public investments in science and R&D.
The first punch to the economy from the defense sequester has landed and the second is in motion. If it’s not blocked, these reductions will contribute to 640,000 fewer jobs in the economy and gross domestic product (GDP) will be over 0.6 percent lower by the end of 2015.
In a housing finance system that includes a government guarantee, private capital that stands in the “first loss” position plays an important role in reducing the risk of taxpayer losses.
The Government National Mortgage Association (or Ginnie Mae) is a government corporation within the U.S. Department of Housing and Urban Development (HUD). It was established in 1968 when Fannie Mae was privatized. Its mission is to expand funding for mortgages that are insured or guaranteed by other federal agencies. When these mortgages are bundled into securities, Ginnie Mae provides a full-faith-and- credit guarantee on these securities, thus lessening the risk for investors and broadening the market for the securities.
The secondary market for mortgages plays a critical role in sustaining a healthy housing market. Few homebuyers have sufficient savings to purchase a home outright, and many need to borrow money to buy their first home or to move to another one.