Thank you Mr. Chairman. I would like to welcome Mr. Cuomo to the Committee.
While it is true, improvements have been made at the Department of Housing and Urban Development, it is also true, that HUD has been grossly mismanaged for too many years. Indeed, GAO has designated HUD as a troubled agency, the only cabinet level agency to receive this dubious distinction. The next Secretary of HUD will have to work very hard to rebuild the financial integrity of the Department.
It is also worth noting that HUD has been authorized for a very specific purpose. HUD is not, and should not be used as, another federal jobs program. HUD is not the Small Business Administration either. Put simply, HUD is authorized to provide affordable housing. I strongly believe HUD should not operate beyond what is authorized by statute, and that HUD does itself a disfavor anytime it tries to exceed the bounds for which it was created.
That being said, I look forward to listening to Mr. Cuomo's statement today. I look forward to hearing how he plans to turn around an agency that was once in such disarray, many believed the best thing Congress could do was dissolve the agency entirely. HUD has problems, both financial and operational. Money is not the answer. I look forward to hearing what Mr. Cuomo thinks the answer is.
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