Requiring annual testimony and oversight from housing regulators

(a) Testimony by Secretary Section 7 of the Department of Housing and Urban Development Act (42 U.S.C. 3535) is amended by adding at the end the following new subsection: (u) Annual testimony The Secretary shall appear before the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate at an annual hearing and present testimony regarding the operations of the Department during the preceding year, including regarding the following topics: (1) The physical condition of all public housing and other housing assisted by the Department. (2) The financial health of the mortgage insurance funds of the FHA. (3) Oversight by the Department of grantees and sub-grantees engaging in waste, fraud, and abuse. (4) Ongoing activities of the Department, as appropriate.. (b) Testimony by Inspector General Not later than October 1 of each year, the Inspector General of the Department of Housing and Urban Development shall appear before the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate and present testimony on the Office of Inspector General’s— (1) efforts to detect and prevent fraud, waste, and abuse; (2) ability to conduct and supervise audits, investigations, and reviews; (3) actions to identify opportunities for the programs of the Department of Housing and Urban Development to progress and succeed; and (4) ongoing activities regarding any such additional work, as appropriate.