mREIT Council Visits Capitol Hill

House Financial Services Committee member Rep. Denny Heck (D-WA) met with mREIT executives including (left to right) Leon Volchyok, chief legal officer, Blackstone Income Trust; Douglas Armer, treasurer, Blackstone Mortgage Trust; Scott Ulm, CEO, ARMOUR Residential REIT; Kirk Freeman, VP, government affairs, Nareit; Rep. Heck.

Last Wednesday, executives from Nareit’s mREIT Council came to Washington for a series of informative meetings with leaders on Capitol Hill. Nareit’s 2018 mREIT Council Washington Advocacy Day provided company executives a chance to discuss issues specific to mREITs with key members of the House Financial Services and Senate Banking committees.

Kevin Grant, CEO, CYS Investments (left) met with House Financial Services Committee member Rep. Lee Zeldin (R-NY) at Nareit's 2018 mREIT Advocacy Day.

In total, 10 mREIT executives participated in the 21 congressional meetings, including conversations with Sen. Chris Van Hollen (D-MD, Rep. French Hill (R-AK), Rep. Steve Stivers (R-OH), Rep. Sean Duffy (R-WI), and Rep. Bill Huizenga (R-MI).

NRCC Chairman and House Financial Services Committee member met with mREIT executives including (left to right) Mario Clemente, structured investments head, Invesco Mortgage Capital; Kevin Grant, CEO, CYS Investments; Rep. Stivers; John Anzalone, CEO, Invesco Mortgage Capital; Greg Jundanian, managing director, CYS Investments.

One of the main issues discussed was the pending legislation to reinstate Federal Home Loan Bank (FHLB) membership to mREIT captive members adversely affected by the Federal Housing Finance Agency’s (FHFA) 2016 rulemaking. Nareit’s mREIT Council disagreed with the FHFA’s final rule because mREITs are mission-aligned and should be allowed to continue to partner with the FHLBs if they otherwise meet membership and borrowing requirements.

mREIT executives met with Rep. Randy Hultgren (R-IL) including (left to right) Kevin Grant, CEO, CYS Investments; Byron Boston, CEO, Dynex Capital; Phil Reinsch, president and CEO, Capstead Mortgage Company; Douglas Armer, treasurer, Blackstone Mortgage Trust; Mario Clemente, structured investments head, Invesco Mortgage Capital; Rep. Randy Hultgren (R-IL); Steve Wechsler, president and CEO, Nareit; John Anzalone, CEO, Invesco Mortgage Capital
Rep. Randy Hultgren (R-IL) met with mREIT executives during  the 2018 mREIT Council Advocacy Day. (Left to right): Kevin Grant, CEO, CYS Investments; Byron Boston, CEO, Dynex Capital; Phil Reinsch, president and CEO, Capstead Mortgage Company; Rep. Randy Hultgren;  Mario Clemente, structured investments head, Invesco Mortgage Capital;  Douglas Armer, treasurer, Blackstone Mortgage Trust; John Anzalone, CEO, Invesco Mortgage Capital; Steve Wechsler, president and CEO, Nariet

Bills to address this issue are currently pending in both the House and Senate. Nareit’s mREIT Council strongly supports the Senate bill (S. 2361), sponsored by Senators Tammy Duckworth (D-IL), Tim Scott (R-SC), Tammy Baldwin (D-WI), and Ron Johnson (R-WI), which would readmit all mREIT captives that were previous FHLB members. Because the House bill (H.R. 2890) is more limited in scope, the mREIT Council has made clear that its support for this measure is contingent on it being amended to provide relief for all previous mREIT captives affected by the rule. Key congressional sponsors of the House bill have been receptive to the council’s message and have committed to work toward that end in the House Financial Services Committee.

mREIT executives met with DSCC Chairman and Senate Banking Committee member Sen. Chris Van Hollen (D-MD). The discussion featured (left to right): Greg Jundanian, managing director, CYS Investments, Steve Wechsler, president and CEO, Nareit, Sen. Van Hollen, Phil Reinsch, president and CEO, Capstead Mortgage Company, Ken Pollack, SVP, AGNC Investment Corp.

 

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