Congressman Dennis Cardoza
18th Congressional District of California

WASHINGTON, D.C. – Congressman Cardoza said today that his economic disaster legislation, and issues related to the dire economic situation of the Central Valley, will receive a hearing in the House Financial Services Committee. Cardoza said Chairman Barney Frank has scheduled his legislation for a hearing at 1 p.m. on Friday, June 19 and Chairman Frank made the announcement following a recent meeting between top Democratic leaders and U.S. Housing Secretary Shaun Donovan.

The meeting was conducted specifically at the request of Congressman Cardoza. Among those present from the leadership were House Speaker Nancy Pelosi, House Majority Leader Steny Hoyer, Majority Whip James Clyburn and several representatives of the U.S. Treasury Department.

“I have continued to fight for the San Joaquin Valley,” said Congressman Cardoza. “The meeting was productive. I thank Chairman Frank’s assurance that the legislation will receive a hearing, which is among the most crucial steps in advancing legislation in Congress.”

Cities in the central part of the San Joaquin Valley have had the highest rates in the nation for foreclosures and unemployment since the recession began. Congressman Cardoza has introduced legislation that would reduce mortgage payments to below-market rates, for fixed terms, for all qualified homeowners. He has also proposed legislation that would establish economic disaster areas, a means of directing federal resources to communities hardest hit by the recession.

“We are one step closer to seeing the relief we deserve in the Valley,” said Congressman Cardoza.

Other California Representatives present for the Thursday leadership meeting were Maxine Waters, Chairwoman of the Financial Services Subcommittee on Housing and Community Opportunity; George Miller, Chairman of the House Democratic Policy Committee and Xavier Becerra, who serves as Vice Chair of the House Democratic Caucus.