Senate Passes Major Housing Reform Bill With Broad Bipartisan Support
WASHINGTON – The Senate overwhelmingly passed a bipartisan housing reform bill on March 12 as both parties try to focus on issues of affordability ahead of the midterm elections.
The law, which is part of an effort to lower home costs for everyday Americans, would primarily prevent large institutional investors from competing with traditional buyers of existing single-family homes, a priority that President Donald Trump highlighted during his recent State of the Union address.
Among other things, it will also reduce other regulatory barriers to construction and encourage the production of affordable housing by creating and providing grants to local and state governments.
The bill represents a rare spot of bipartisan unity on Capitol Hill, and was endorsed by Sens. Tim Scott, R-South Carolina, and Elizabeth Warren, D-Massachusetts (a rare conservative-progressive coalition).
The bill passed 89-10.
Although the legislation has the support of the White House, the outcome of the vote in the House of Representatives is less certain at the moment, given the lack of support among Republicans in that chamber as lawmakers have pushed back on the provision related to digital currency. Still, the House passed its own, a different version of the same bill last month with 390 members supporting it.
In a March 11 interview on CNBC’s “Squawk Box,” Scott said he thinks the legislation will eventually pass the House.
“We think we have given the necessary sweets,” he said.
Senate Majority Leader John Thune, R-South Dakota, told reporters before the vote that the legislation may need to be discussed more closely to pass the House version, but “the quickest way to do this” would be to approve the Senate-passed bill.
In a March 2 administration policy statement, the White House signaled that Trump would sign the Senate’s version of the bill if it passed both chambers.
“This landmark, bipartisan legislation represents significant progress in federal housing policy to advance the goals of increasing housing supply and affordability,” the statement said. “By simplifying regulations, modernizing financing methods, and encouraging new construction methods, this bill will lower the cost of housing for families, seniors and veterans across the country.”
But in a speech to House Republicans during a policy retreat in Florida this week, the president appeared to contradict his position, saying that everyday Americans “don’t talk about housing.” He indicated that the voting restrictions bill known as the SAVE America Act should be a top priority for Congress.
Zachary Schermele is a congressional reporter for USA TODAY. You can reach him by email at [email protected]. Follow him on X at @ZachSchermele and Bluesky at @zachschermele.bsky.social.
This article first appeared in USA TODAY: Senate passes major housing reform bill with broad bipartisan support
Reporting by Zachary Schermele, USA TODAY / USA TODAY
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