Key facts
- US House and Senate leaders agreed on a housing bill.
- The housing bill bans the Federal Reserve from creating a CBDC until December 31, 2030.
- The bill restricts institutional investors from purchasing single-family homes for rental purposes.
- The bill aims to lower housing costs and expand housing supply.
- The Senate voted 87-8 to begin considering the housing bill.
- A separate bill, the Build Housing Affordably Act, seeks to suspend 'Buy America' rules for affordable housing projects.
- Gaming industry groups want sports prediction markets banned in crypto legislation.
- Gaming groups argue sports prediction markets facilitate unregulated gambling.
- Congress has preserved its housing agenda.
Congressional leaders in the US have agreed on a housing bill that includes a significant provision banning the Federal Reserve from creating a central bank digital currency (CBDC) until December 31, 2030. This bipartisan measure also tackles housing affordability by imposing restrictions on institutional investors who wish to purchase single-family homes for rental purposes. Additionally, the bill may suspend 'Buy America' requirements for certain affordable housing projects, a move proposed by Representatives Mike Flood and Maggie Goodlander through the Build Housing Affordably Act. The intention behind suspending these requirements is to reduce construction costs and accelerate development timelines by cutting federal red tape.
The Senate has voted 87-8 to begin considering this housing bill, signaling progress on the legislative front. The overarching goals of the bill are to lower housing costs and expand the overall housing supply. Meanwhile, separate from the housing bill's specifics, gaming industry groups are urging lawmakers to include language in pending cryptocurrency legislation that would ban sports prediction markets. These groups, which include tribes and unions, argue that these platforms operate as unregulated gambling and circumvent existing consumer protections and state regulations.
The housing agenda has been successfully preserved by Congress, according to Punchbowl News PM. The broader context of legislative efforts includes addressing key economic and social issues through targeted bills. The inclusion of the CBDC ban until 2030 reflects a cautious approach to digital currency development by lawmakers, while the restrictions on institutional investors aim to make homeownership more accessible to individuals. The potential suspension of 'Buy America' rules highlights a tension between promoting domestic manufacturing and addressing urgent needs like housing affordability.