The bill would ban large institutional investors from competing with traditional home buyers and could face opposition from conservatives in the House.
White House clarifies the meaning of President Trump’s ‘unconditional surrender’
White House press secretary Caroline Levitt said the military operation would end when “Iran is in a position of complete and unconditional surrender.”
WASHINGTON – The Senate overwhelmingly passed a bipartisan housing reform bill on March 12, as both parties look to focus on affordability issues ahead of the midterm elections.
The bill, part of an effort to lower housing costs for ordinary Americans, would largely prohibit large institutional investors from competing with traditional buyers for existing single-family homes, something President Donald Trump made a priority in his recent State of the Union address.
Among other things, it would reduce regulatory barriers to construction and encourage the production of affordable housing by creating and providing subsidies to local governments and tribes.
The bill represents a rare area of largely bipartisan unity on Capitol Hill, having been authored by Sens. Tim Scott (R-S.C.) and Elizabeth Warren (D-Mass.) (a rare conservative-progressive partnership).
The bill passed 89-10.
The bill is supported by the White House, but its fate in the House is currently uncertain, given conservative opposition to digital currency provisions and the lack of universal support among House Republicans. Still, the House passed a different version of the same bill last month with support from 390 members.
Scott said in an interview on CNBC’s “Squawk Box” on March 11 that he believes the bill will eventually pass the House.
“I think we gave it the sweetener it needed,” he said.
Senate Majority Leader John Thune (R-South Dakota) told reporters before the vote that further study may be needed to bring the bill closer to the House version, but that “the quickest way to get this done” would be to approve the Senate-passed version.
In a March 2 policy statement, the White House indicated to President Trump that he intends to sign the Senate version of the bill if it passes both chambers.
“This landmark bipartisan bill represents a significant step forward in federal housing policy to advance the goals of expanding housing supply and affordability,” the statement said. “This bill would reduce housing costs for families, seniors, and veterans across the country by streamlining regulations, modernizing financing options, and promoting innovative construction methods.”
But in a speech at a policy camp for House Republicans in Florida this week, the president appeared to contradict his own position, saying everyday Americans “don’t talk about housing.” He argued that the voting restriction bill, known as the SAVE America Act, should be given higher priority in Congress.
Looking ahead to a potentially painful midyear, President Trump has vowed not to sign any legislation (other than funding the Department of Homeland Security) until Congress approves the SAVE Act. The bill, in its current form, is not expected to pass the 60-vote threshold in the Senate and is expected to be voted on next week.
Even if the president does not specifically sign the bill, it could become law automatically after 10 days unless it is vetoed.
Zachary Schermele is a Congressional reporter for USA TODAY. You can email us at zschermele@usatoday.com. Follow him on X at @ZachSchermele and on Bluesky at @zachschermele.bsky.social..
