The Senate on Monday overwhelmingly passed a long-awaited bipartisan housing bill, which is expected to set the legislation on a glide path to President Donald Trump’s desk for signature as soon as this week.
The 21st Century ROAD to Housing Act, which passed 85-5 and contains almost 60 individual provisions, aims to tackle housing affordability and boost housing supply and homeownership. Sens. Rick Scott (R-Fla.), Ron Johnson (R-Wis.), Tommy Tuberville (R-Ala.), Rand Paul (R-Ky.) and Mike Lee (R-Utah) voted “no.”
The legislation now moves on to the House, which could take up the bill for final passage as soon as Tuesday.
The legislation has become a pillar of Congress’ overall response to affordability concerns that have emerged as a key issue this midterm election year.
Despite broad, bipartisan support for the bill in both the House and Senate, the two chambers went back and forth on the legislation for months. Primary friction points developed over language establishing new restrictions on large Wall Street investors purchasing single-family homes, a ban on the Federal Reserve issuing a digital currency and a slate of community banking deregulation initiatives, among other measures.
The bill was able to move forward last week after the four lawmakers leading the legislation — Senate Banking Chair Tim Scott (R-S.C.) and ranking member Elizabeth Warren (D-Mass.), and House Financial Services Chair French Hill (R-Ark.) and ranking member Maxine Waters (D-Calif.) — came to an agreement. The White House also announced support for the final version of the bill, which contains Trump’s top priority of limiting Wall Street’s footprint in the housing market.
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