U.S. Senate and House Agree on Housing Bill with Temporary CBDC Ban
- The U.S. Federal Reserve is prohibited from issuing a CBDC until December 31, 2030, under the new bill.
- The legislation includes a three-year sunset for a disaster-recovery block grant program.
- Nine community banking bills and limits on institutional homebuyers are part of the package.
- Senate Banking Chair Tim Scott and Ranking Member Elizabeth Warren were key figures in the bill’s development.
- The bill passed the Senate with an overwhelming majority of votes (89-10) in March and was cleared by the House (396-13) in May.
This bipartisan effort aims to address housing affordability while temporarily halting the issuance of government-issued digital cash equivalents, known as CBDCs, due to concerns over financial surveillance capabilities.
The legislation reflects extensive collaboration across political lines, incorporating over fifty housing and banking provisions to provide relief to American families by limiting institutional investors’ influence in the single-family market. (Source)
