President Donald Trump on Wednesday delayed plans to sign a bipartisan housing bill, surprising lawmakers just hours before a scheduled White House signing ceremony.
Trump said the measure was of “minor importance” and that Congress should first focus on passing the SAVE America Act. His decision put on hold legislation that includes housing reforms as well as a temporary ban on a U.S. central bank digital currency, a provision that has attracted attention from the crypto industry and financial sector.
The 21st Century ROAD to Housing Act passed Congress with strong bipartisan support, clearing the Senate in an 85-5 vote and the House by a margin of 358-32. Supporters say the bill would encourage more housing construction, ease development restrictions, and curb large institutional investors’ growing presence in the housing market.
The bill also contains a provision that would block the Federal Reserve from issuing a U.S. central bank digital currency, or CBDC, until 2031. Lawmakers added the measure after concerns were raised about the potential impact of a government-backed digital dollar.
Opponents of a CBDC argue that it could give the government greater access to financial transaction data and raise privacy concerns. Supporters of the restriction say the temporary ban would help protect financial privacy while Congress continues debating the future of digital currencies in the United States. Meanwhile, several other countries are moving ahead with plans to test or develop their own digital currencies.
The restriction was expected to take effect once the bill was signed into law. But Trump’s decision to delay the signing put that provision on hold along with the rest of the legislation. The move came so late that preparations for the signing ceremony at the Capitol had already been completed.
(adsbygoogle = window.adsbygoogle || []).push({});Trump defended his decision in a post, describing the housing bill as being of “minor importance” compared with lower interest rates and other priorities he wants Congress to address. He also criticized Senator Elizabeth Warren’s involvement in shaping parts of the legislation.
The president has urged lawmakers to pass the SAVE America Act before he considers signing the housing measure. The proposal would make significant changes to U.S. election rules, although Republican leaders have acknowledged that it faces significant hurdles in Congress.
For now, Trump still has 10 days to decide whether to sign or veto the housing bill. If he rejects the measure, Congress could attempt to override the veto. Given the strong bipartisan support the legislation received in both chambers, lawmakers may have enough votes to meet the required two-thirds threshold.
