Leaders of the Senate Banking and House Financial Services committees unveiled fresh text on Tuesday for a far-reaching housing bill designed to ease America's housing crunch. Folded into the same package is a separate measure that puts a temporary stop on a U.S. central bank digital currency.
What the bill is trying to fix
The package, known as H.R. 6644, sets out to boost housing supply, bring costs down, and keep institutional investors from squeezing ordinary families out of the single-family market. In short, the goal is to stop big investors from snapping up homes and shutting regular buyers out.
The digital dollar ban, in detail
The text spells out that the Fed "may not issue or create a central bank digital currency" or any substantially similar asset through December 31, 2030. There is, however, a carveout. Open, permissionless private dollar assets such as stablecoins are left untouched, as long as they preserve "the privacy protections of United States coins and physical currency."
A bipartisan, two-chamber effort
Senate Banking Chair Tim Scott (R-SC), Ranking Member Elizabeth Warren (D-MA), House Financial Services Chair French Hill (R-AR), and Ranking Member Maxine Waters (D-CA) said the 21st Century ROAD to Housing Act is the product of years of bipartisan, bicameral work, pulling together priorities from the Senate, House, and White House. Scott said it was time to "deliver real relief for the American people," while Warren called it the biggest housing bill in more than 30 years.
How the deal came together
According to Hill, sealing the agreement after months of negotiation meant the Senate accepted a three-year sunset for a disaster-recovery block grant program and took on House measures, including nine community banking bills and language limiting institutional homebuyers. "I look forward to President Trump signing it into law," he added. Waters said the text carries more than 50 housing and banking provisions that Democrats fought to secure.
Why the anti-CBDC clause is there
The provision blocking a digital dollar was added at the urging of House Republicans, and the Trump White House has thrown its weight behind it. Treasury Secretary Scott Bessent recently repeated that a digital dollar is off the table.
Why CBDCs split the parties
CBDCs, which are government-issued equivalents of digital cash, have turned into a partisan flashpoint, with critics warning they could open the door to financial surveillance. Some House conservatives, including Rep. Anna Paulina Luna (R-FL), want a permanent ban, arguing that "CBDCs are bad for everyone."
Its path through Congress, and what's next
The Senate first attached the CBDC ban back in March, passing the package 89-10. The House then cleared its amended version 396-13 in May. The updated text now returns to the Senate floor.
