Congress passes housing bill, bans Fed CBDC through 2030

Congressional leaders have reached a bipartisan agreement on a major housing package that also places a temporary ban on the Federal Reserve issuing a central bank digital currency. The deal, finalized on Tuesday, June 16, sets the stage for final votes in the coming days.

The updated "21st Century ROAD to Housing Act" is the product of months of negotiations between key lawmakers, including Senate Banking Chairman Tim Scott, Senate Banking ranking member Elizabeth Warren, House Financial Services Chairman French Hill, and House Financial Services ranking member Maxine Waters. The Senate took a procedural step to advance the bill on Tuesday with an 87-8 vote, signaling strong bipartisan support. The House is expected to vote on the measure after members return from recess on June 23.

The legislation's primary focus is to address housing affordability by boosting supply. It includes provisions to streamline housing regulations, encourage zoning reforms, expand manufactured housing, and provide grants for home repairs and commercial-to-residential conversions. A central and controversial component is a measure to curb large institutional investors-defined as those holding 350 or...