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Ritchie Torres Bill Would Combat Racial Bias in Appraisals


U.S. Reps. Ritchie Torres and Emanuel Cleaver II (Getty, Congress, iStock)
A new congressional bill seeks to root out racial discrimination in the residential and commercial real estate appraisal industry.
The measure, sponsored by Reps. Emanuel Cleaver II and Ritchie Torres, would create an interagency task force to study factors that lead to disparities in property valuations and lay out specific steps to combat them. The task force would examine federal collateral underwriting standards and guidance, as well as barriers to entry that disproportionately prevent minorities from becoming appraisers.
“Appraisal discrimination is hard to detect and it’s hard to solve,” Torres, a Democrat who represents the South Bronx, said in an interview. He said that rather than simply enacting sweeping legislation, the task force approach would allow civil rights activists, industry professionals and other stakeholders to think deeply about how to address bias in property valua ....

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