[Congressional Record Volume 170, Number 23 (Thursday, February 8, 2024)]
[Senate]
[Pages S497-S499]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
STATEMENTS ON INTRODUCED BILLS AND JOINT RESOLUTIONS
By Ms. COLLINS (for herself, Ms. Cortez Masto, Mrs. Capito, and
Mr. Kaine):
S. 3775. A bill to amend the Public Health Service Act to reauthorize
the BOLD Infrastructure for Alzheimer's Act, and for other purposes; to
the Committee on Health, Education, Labor, and Pensions.
Ms. COLLINS. Madam President, I rise today to introduce legislation
to reauthorize the Building Our Largest Dementia, BOLD, infrastructure
for Alzheimer's Act, legislation I authored that was signed into law in
2018.
The Building Our Largest Dementia, BOLD, Infrastructure for
Alzheimer's Reauthorization Act of 2024, which I am pleased to
introduce today with my colleagues Catherine Cortez Masto, Shelley
Moore Capito, and Tim Kaine, would continue our important work to
create a public health infrastructure to combat Alzheimer's disease and
preserve brain health.
Public health plays an important role in achieving population-level
improvements, but for too long Alzheimer's and other dementias have
been viewed as just a normal part of aging and not as the public health
crisis it warrants. Through the BOLD Act, we started to change this
narrative and for the first time put resources behind the interventions
that can help improve the health and quality of life for people living
with Alzheimer's, as well as reduce the costs associated with the
disease.
Still, Alzheimer's disease remains one of the greatest public health
threats of our time. Approximately 6.7 million Americans are living
with the disease, and, barring any major breakthroughs to prevent, slow
down, or cure Alzheimer's, that number is expected to more than double.
In addition to the human suffering it causes, Alzheimer's is one of our
Nation's most expensive diseases, costing an estimated $345 billion
last year. In my home State of Maine, more than 29,000 seniors are
living with the disease, and unfortunately that number is only
increasing. In addition, more than 51,000 loved ones are providing care
valued at nearly $1.9 billion. Every State across the country is
experiencing a similar story, underscoring the need to invest in the
development of a robust Alzheimer's public health infrastructure on a
State, local, and Tribal level to combat this growing public health
crisis.
Through coordinated Federal investments and a national strategy
created by the National Alzheimer's Project Act I authored, we have
accelerated our understanding of this complex disease and unlocked
steps we can take to increase early detection and diagnosis, reduce
risk, prevent avoidable hospitalizations, and support dementia
caregivers. Groundbreaking research has also now led to a new age of
treatment, with disease-modifying therapies now available to patients.
These promising treatments could substantially change how the disease
is perceived and managed, increasing the urgency to educate the public,
and promote early diagnosis.
Now, after decades of increasing investments in biomedical research
for Alzheimer's, we are nearing the next phase of effectively
preventing, treating, and curing Alzheimer's--translating research into
real-world interventions. The BOLD Infrastructure for Alzheimer's Act
accelerated a multipronged public health approach for the prevention,
treatment, and care of Alzheimer's and related dementias. The bill we
are introducing today would reauthorize the BOLD Infrastructure for
Alzheimer's Act for 5 years in order to ensure that these critical
activities can continue to reach communities across the country.
Specifically, the BOLD Infrastructure for Alzheimer's Act directed
CDC to establish Alzheimer's and Related Dementias Public Health
Centers of Excellence, provide Federal funding to support State, local,
and Tribal public health departments, and increase data analysis and
timely reporting in order to inform interventions, research, and public
policy.
The CDC's Centers of Excellence are now working to promote effective
Alzheimer's disease management and caregiving interventions, as well as
educating the public on Alzheimer's disease, cognitive decline, and
brain health. Each center is focused on a key issue related to
dementia--from risk reduction to early detection to
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caregiving. The three current centers have established themselves as
national resources and are supporting nationwide implementation of the
actions outlined in the CDC's Healthy Brain Initiative's Road Map. This
includes identifying, translating, and disseminating promising research
findings and best practices for nationwide uptake. Our legislation
would reauthorize the Alzheimer's Disease and Related Dementias Public
Health Centers of Excellence and add a new focus on implementation
science, which is essential to bridging the gap between research
findings and practical application in real-world settings.
In addition, building upon the CDC's Healthy Brain Initiative and its
Public Health Road Map, the BOLD Infrastructure for Alzheimer's Act has
provided public health departments with the funding and support
necessary to implement effective Alzheimer's interventions in
communities across the country, including a focus on reducing the risk
of dementia, increasing early detection and diagnosis, and supporting
caregivers. Forty-three public health departments across the United
States are now promoting a strong public health approach to Alzheimer's
disease and related dementia with the support of BOLD awards.
In September 2020, the Maine Department of Health and Human Services
received one of the first BOLD Program Awards. This investment has
allowed for the implementation of the Maine State Plan for Alzheimer's
Disease and Related Dementias, as well as advancements in Maine's
public awareness of brain health, early detection and diagnosis of
Alzheimer's disease, and access to care and support. Maine's Department
of Health and Human Services has even been able to publish county-
specific data on cognitive decline to better understand risk factors
and prevention across the State. In addition, the Bangor Public Health
& Community Services Department and partners have educated its
employees on how to respond to the Alzheimer's public health crisis,
emphasizing early detection and diagnosis and brain health. Efforts
such as these play a key role in bringing awareness to and ultimately
reducing the growing prevalence of dementia in the State.
In September 2023, Maine received a second BOLD award from the CDC
for Alzheimer's prevention programs. This implementation funding will
allow Maine to build on its initial investments and carry out the Maine
Alzheimer's Prevention Program and the CDC's Healthy Brain Initiative
Road Map.
There continues to be an urgent need to translate what science tells
us about the opportunity to reduce risk, delay onset, and ultimately
reduce prevalence into effective public health practice. However,
unless Congress acts to reauthorize these effective programs, BOLD
programming is set to expire on September 30. The BOLD Infrastructure
for Alzheimer's Reauthorization Act would continue our investment in a
nationwide Alzheimer's public health response so that States, including
Maine, can sustain the critical work being done in communities across
the country and ensure this work has a real-world impact in the years
ahead.
As founder and cochair of the Congressional Task Force on Alzheimer's
Disease, the fight against Alzheimer's for me is both personal and a
matter of crafting effective public policy. Virtually every family in
the country has been touched by this disease, and I know the gravity of
this disease firsthand as I lost my father, grandfather, and two uncles
to Alzheimer's. I remain committed to advancing research, care, and
support for individuals and families living with this devastating
disease. Reauthorization of the BOLD Infrastructure for Alzheimer's Act
will ensure communities across the country have access to resources to
promote effective Alzheimer's interventions and better cognitive health
that can lead to improved health outcomes.
This bipartisan legislation is endorsed by the Alzheimer's
Association, the Alzheimer's Impact Movement, and UsAgainstAlzheimer's.
I urge my colleagues to support this critical legislation.
______
By Mr. REED (for himself, Mr. Brown, Ms. Smith, Mr. Wyden, and
Mr. Merkley):
S. 3784. A bill to provide requirements for the bulk auction or group
sale of certain non-performing loans, and for other purposes; to the
Committee on Banking, Housing, and Urban Affairs.
Mr. REED. Madam President, today I am reintroducing the Preserving
Homes and Communities Act with Senators Brown, Wyden, Smith, and
Merkley. This legislation would reform Federal Housing Administration,
FHA, Fannie Mae, and Freddie Mac note sale programs to protect
homeowners from foreclosure and keep properties in the hands of
families and local civic institutions.
FHA, Fannie Mae, and Freddie Mac began selling nonperforming and
reperforming loans after the great recession to strengthen their
balance sheets. These transactions, known as note sales, transfer
mortgage ownership to bulk purchasers, including private equity firms
and institutional investors. The sale of nonperforming and reperforming
loans may reduce financial risk for FHA, Fannie Mae, and Freddie Mac
and help purchasers turn a profit, but they often directly harm
homeowners by taking homes from families and moving properties into the
single-family rental market.
Loans insured by FHA or securitized by Fannie Mae or Freddie Mac have
strong foreclosure protections for borrowers. Companies that service
these mortgages must offer specific loss mitigation options to eligible
borrowers before they can begin foreclosure proceedings, which helps
many borrowers avoid foreclosure and catch up on their payments. But
while these foreclosure protections are effective, they are drastically
reduced when a mortgage is included in a note sale.
Unfortunately, the lack of robust, required protections after a note
sale has very real consequences for homeowners. Over 80 percent of
homeowners whose nonperforming loans were sold by FHA ultimately lost
their homes after their new servicers reached a final loan resolution,
and the U.S. Government Accountability Office has found that
nonperforming loans sold by FHA are more likely to face foreclosure
than comparable loans that FHA keeps on its own balance sheet. The
majority of homeowners with nonperforming loans sold by Fannie Mae and
Freddie Mac have also lost their homes after servicers reached a final
resolution. It is abundantly clear that note sales do not help most
borrowers remain in their homes.
Making matters worse, note sale purchasers are predominately private
equity firms and institutional investors, which often move foreclosed
properties out of the owner-occupied market. Indeed, approximately one-
third of properties foreclosed upon or voluntarily turned over to a
lender after a Fannie Mae or Freddie Mac nonperforming loan note sale
are sold to an investor, held by the purchaser for rental, or become
real estate owned. In other words, one-third of these homes may be
taken out of the owner-occupied market, reducing home ownership
opportunities for families and shifting property ownership to large
corporations that often drive up rents.
The Preserving Homes and Communities Act tackles these problems. It
would protect homeowners by, one, requiring mortgage servicers complete
Agency-required loss mitigation actions before FHA, Fannie Mae, or
Freddie Mac can sell a nonperforming mortgage, and two, by improving
loss mitigation protections for these mortgages after purchasers
acquire them. It would similarly protect communities by giving local
entities with public missions, including States, municipalities, and
nonprofits, the first opportunity to purchase nonperforming and
reperforming mortgages--ahead of private equity and institutional
investors--while requiring purchasers that foreclose on nonperforming
note sale properties to prioritize owner-occupants and low- and
moderate-income households when selling or renting these homes. In sum,
our legislation seeks to keep homeowners in their homes, support home
ownership opportunities, and preserve the supply of available and
affordable homes for families.
I thank the National Consumer Law Center, on behalf of its low-income
clients, and the National Community Stabilization Trust for their
support. I urge my colleagues to cosponsor this legislation and support
its passage.
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