US Housing Bill Becomes Law — FSX Business

A bipartisan US housing bill aimed at expanding housing supply and reducing affordability pressures became law after President Donald Trump did not sign or return the legislation within the constitutional 10-day period required for presidential action.

The 21st Century ROAD to Housing Act automatically took effect after the deadline expired at midnight on July 11, according to an explanation provided by a Senate Banking Committee aide.

The bill had passed both chambers of Congress with bipartisan support before being presented to the president on June 29.

Under the US Constitution, legislation becomes law without the president’s signature if it is not returned to Congress within 10 days, excluding Sundays, unless Congress has adjourned in a way that prevents its return.

Senator Elizabeth Warren described the measure as the largest housing legislation in more than three decades.

She said the law would increase housing construction, reduce costs and restrict private equity firms from purchasing single-family homes.

The legislation is intended to address housing affordability challenges through measures focused on increasing housing availability and supporting access to homes.

Warren criticised Trump for allowing the bill to become law without his signature, arguing that the administration had not prioritised measures to reduce housing costs for American families.

The bill’s enactment comes as housing affordability remains a major policy issue in the United States, with lawmakers divided over how to increase supply, address rising costs and expand access to home ownership.

Source: FSX Business News