Key Highlights
- Senate approved 21st Century ROAD to Housing Act with commanding 85-5 majority.
- Legislation targets increased residential supply and enhanced affordability measures.
- Bill contains provision prohibiting CBDC development through December 31, 2030.
- Federal Reserve faces prohibition on issuing central bank digital currency or comparable instruments.
- Revised legislation demonstrates cross-party and cross-chamber consensus.
The United States Senate passed housing legislation containing a digital currency prohibition on Monday. H.R. 6644 received approval with 85 senators voting in favor and 5 opposing. The legislation proceeds to the House of Representatives for consideration before reaching the president’s desk.
Bipartisan coalition backs housing supply initiative
Senators from both parties supported the 21st Century ROAD to Housing Act following collaborative negotiations. The legislation emphasizes expanding housing availability while addressing cost concerns. Policymakers designed the bill to curtail concentrated corporate ownership in residential markets. Additional provisions encourage new development and broaden pathways to affordable housing options.
House Financial Services Committee Chairman French Hill commented on the outcome following passage. He emphasized that addressing housing costs requires increasing supply first. Hill noted the bill advances construction initiatives while reducing financial burdens on households. The updated legislative text garnered support from lawmakers across the political spectrum.
The amended version represents collaborative work between Senate leadership and House members. Negotiating teams aligned key elements to build sufficient backing in both legislative bodies. House leadership intends to bring the measure to the floor following the current recess period. Representatives return to session on June 23 with plans to advance the bill promptly.
Digital currency prohibition embedded in housing package
The legislation contains language preventing the Federal Reserve from launching a CBDC. The prohibition extends to any comparable digital asset until the end of 2030. House Republicans championed the provision during bicameral negotiations. This addition merges digital currency policy objectives with housing market reforms.
The proposed language establishes explicit legal constraints on the Federal Reserve’s authority. The prohibition covers direct issuance and developmental activities related to central bank digital currencies. Journalist Eleanor Terrett documented the provision’s inclusion in earlier reporting. Legislators utilized the bill’s framework to merge distinct policy goals.
This legislative strategy represents established congressional practice. Lawmakers frequently combine separate policy measures within comprehensive bills to facilitate approval. The current administration has signaled resistance to CBDC implementation in recent public statements. Treasury Secretary Scott Bessent declared that central bank digital currencies are not under consideration.
He indicated the administration will address digital asset oversight through alternative regulatory mechanisms. Federal officials continue advancing the Clarity Act simultaneously. The House vote will decide whether the legislation proceeds to the executive branch. Presidential approval would be required to enact the provisions into federal law.
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