Weekly Address: Home Refinancing, Overtime Pay [VIDEO]
President Barack Obama says Congress must give more homeowners the chance to refinance their mortgages to save money.
Obama says more than 2 million people are saving about $3,000 a year after restructuring their loans under his administration but that more deserve the same chance.
In his weekly radio and Internet address, Obama also calls on the Senate to confirm “without delay” his choice of Democratic Rep. Mel Watt to lead the Federal Housing Finance Agency, which oversees government-controlled mortgage lenders Fannie Mae and Freddie Mac.
Obama says the North Carolina congressman helped enact rules to protect consumers from dishonest lenders.
In the Republican address, Alabama Rep. Martha Roby discusses legislation passed by the GOP-controlled House to give private-sector workers the right to trade overtime pay for additional time off.
Roby says the bill “provides options for working moms and dads who need more time to take care of family responsibilities” and “demonstrates how applying conservative principles can help working Americans in their everyday lives.”
The measure was approved 223-204 this week in the House.
Democrats oppose the measure over concerns employers exploiting their employees and never giving them the opportunity to use their comp time.
Roby disagrees with that concern. “The same protections that have been a part of labor law for decades remain, and we’ve added additional protections against coercion or unfair treatment,” she continued. “This bill also doesn’t add government regulation to the workplace – we have enough red tape as is.”