President Donald Trump urged reticent House Republicans on Monday night to pass a Senate housing package that includes a crackdown on Wall Street’s ability to purchase single-family homes.
“Senators Bernie Moreno and Tim Scott have worked to ensure my call becomes a reality, and have a Bill which has passed the Senate with nearly 90 votes,” President Trump posted on Truth Social. “I am asking Congress to pass that Bill, the 21st Century ROAD to Housing Act, which would ensure that homes are for people, not Corporations.”
The president had previously endorsed the Senate’s version of the legislation, which passed the upper chamber on March 12 but has faced an uphill battle in the House.
The legislation has been stalled for nearly two months after several House lawmakers, including Republican leaders, came out against new language included in the bill and the removal of five House-passed provisions.
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“I signed an Executive Order to ban large Wall Street Investment Firms from buying up single-family homes. Also, in my speech, I called for Congress to save the American Dream of Homeownership, and ban these purchases, PERMANENTLY!,” Trump’s post states.
Several stakeholders, including Republican Rep. French Hill, who chairs the House Financial Services Committee, and Democratic Rep. Sam Liccardo, who is a member of the committee, have taken issue with a provision in the ban that requires large investors to sell build-to-rent homes seven years after development.
As the midterm elections approach, the White House sees passing housing legislation as key to addressing the larger issue of affordability. Most senators in both parties, including Sen. Elizabeth Warren, the Democrat who spearheaded the Senate’s version, are on board with the legislation.
“President Trump is RIGHT,” Sen. Bernie Moreno, who led the investor ban provision in the upper chambers, posted on X quickly after the president’s statement. “President Trump signed an Executive Order banning large investment firms from buying up single-family homes, I led the charge to put that into legislation, the Senate passed it, and now and now he’s calling on the House to make it the law of the land.”
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