Congressmen introduced the First-Time Homebuyer Empowerment Act, enabling use of college savings for home down payments.
Quiver AI Summary
Introduction of the First-Time Homebuyer Empowerment Act: Congressmen Tom Barrett, Tracey Mann, Mark Alford, and Lou Correa have introduced the First-Time Homebuyer Empowerment Act, aiming to assist families in affording homes. This legislation would allow up to $35,000 in unused college savings from 529 accounts to be used as a tax-free down payment for first-time homebuyers.
Quote from Tom Barrett: Barrett emphasized the importance of this bill, stating, “Too many families can’t afford homes that work for them… I’m proud to join my colleagues on this legislation to incentivize saving for the future.” The bill is part of Barrett's broader housing affordability initiative, aimed at overcoming financial barriers to homeownership.
Broader Legislative Context: This act is a component of Barrett's housing affordability agenda, which includes other bills addressing construction costs and supporting current homeowners. Barrett views homeownership as essential for families and the nation's future, describing it as "the heart of the American Dream."
Disclaimer: This is an AI-generated summary of a press release. The model used to summarize this release may make mistakes. See the full release here.
Tom Barrett Fundraising
Tom Barrett recently disclosed $947.0K of fundraising in a Q4 FEC disclosure filed on January 31st, 2026. This was the 70th most from all Q4 reports we have seen this year. 65.3% came from individual donors.
Barrett disclosed $609.3K of spending. This was the 92nd most from all Q4 reports we have seen from politicians so far this year.
Barrett disclosed $2.2M of cash on hand at the end of the filing period. This was the 192nd most from all Q4 reports we have seen this year.
You can see the disclosure here, or track Tom Barrett's fundraising on Quiver Quantitative.
Tom Barrett Net Worth
Quiver Quantitative estimates that Tom Barrett is worth $425.0K, as of February 10th, 2026. This is the 406th highest net worth in Congress, per our live estimates.
Barrett has approximately $59.0K invested in publicly traded assets which Quiver is able to track live.
You can track Tom Barrett's net worth on Quiver Quantitative's politician page for Barrett.
Tom Barrett Bill Proposals
Here are some bills which have recently been proposed by Tom Barrett:
- H.R.7349: To amend the Internal Revenue Code of 1986 to give individuals with deceased spouses the same exclusion of gain from the sale of a principal residence as is allowed to married couples, regardless of how much time has passed since such death.
- H.R.7240: To direct the Administrator of the Federal Aviation Administration to revise regulations relating to ADS-B Out transmission exceptions, and for other purposes.
- H.R.7239: To require the Administrator of the Federal Aviation Administration to submit to Congress an action plan for advancing the deployment of the Airborne Collision Avoidance System-X, and for other purposes.
- H.R.7196: To amend the District of Columbia Home Rule Act to prohibit the Council of the District of Columbia from enacting any law to permit euthanasia and assisted suicide in the District of Columbia, and for other purposes.
- H.R.7167: Make It Count Act
- H.R.7083: CRUISE Act
You can track bills proposed by Tom Barrett on Quiver Quantitative's politician page for Barrett.
2026 Michigan's 7th Congressional District Election
There has been approximately $61,653,567 of spending in Michigan's 7th congressional district elections over the last two years, per our estimates.
Approximately $44,089,098 of this has been from outside spending by PACs and Super PACs. Some of the groups who are spending money in this race include:
- HMP ($15,842,498)
- CONGRESSIONAL LEADERSHIP FUND ($10,324,478)
- DCCC ($5,504,330)
- NRCC ($4,761,823)
- AMERICANS FOR PROSPERITY ACTION, INC. (AFP ACTION) DBA CVA ACTION AND DBA LIBRE ACTION ($1,898,483)
The rating for this race is currently "Toss Up".
You can track this election on our matchup page for the 2026 Michigan's 7th congressional district election.
