Scott Turner, the former NFL player nominated to lead HUD, will likely face scrutiny on rent price-fixing algorithms and the use of shell companies for money laundering during his confirmation hearing.
Scott Turner, the former professional football player nominated to lead the Department of Housing and Urban Development, will likely face two key issues during his committee confirmation hearing on Thursday. Sen. Elizabeth Warren (D-Mass.), the top Democrat on the Senate Banking Committee, has outlined several areas she wants Turner to address.
In a letter to Turner, Warren noted that there is limited public information about his housing policy views and urged him to be prepared to answer her questions. Warren highlighted two specific concerns: rent price-fixing by computer algorithms and the use of shell companies in real estate transactions to prevent money laundering.\Turner played seven seasons in the NFL before serving in the Texas state legislature. He was also the executive director of a White House interagency council during the first Trump administration focused on Opportunity Zones. Warren inquired about Turner's stance on algorithmic rent price-fixing, citing the ongoing case against RealPage Inc., a company whose software allegedly facilitates collusion among landlords to raise rents.\She also questioned Turner about his views on transparency regarding foreign investment in U.S. real estate, particularly in light of concerns about potential money laundering and illicit activities. Warren emphasized the importance of the Corporate Transparency Act, which requires the disclosure of ownership information for shell companies to combat these issues.\The law's constitutionality is currently being challenged in federal court, and reporting is voluntary nationwide due to a Texas district court injunction. Warren urged Turner to clarify his position on the Act's implementation and enforcement
HUDNOMINEE RENTPRICEFIXING SHELLCOMPANIES MONEYLAUNDERING ALGORITHMS
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