The House today voted 396-13 to pass a bipartisan bill to bolster housing supply after the White House signaled its support for the measure. Lawmakers also passed three bills seeking to boost de novo bank formation and amend the brokered deposit framework.
The 21st Century ROAD to Housing Act (H.R. 6644) would reward communities that build more housing supply, ease environmental review of new construction, rethink regulations that hamper additional lending for small-dollar mortgages, and expand tenant assistance and protections. In addition, the package passed by the House today includes a title aimed at strengthening community banks’ role in the housing market. Lawmakers in the House and Senate have sparred over several provisions in the bill, such as a ban on large institutional investors from owning more than 350 homes.
President Trump has signaled that he would sign the bill. The legislation now heads back to the Senate, which previously amended it.
The House also voted to pass three banking-related bills:
- The American Access to Banking Act (H.R. 4544), which would require financial regulators to review and streamline the application process for the formation of de novo depository institutions or credit unions. The bill passed 405-4.
- The Keeping Deposits Local Act (H.R. 3234), which would increase the amount insured depository institutions may accept as reciprocal deposits. The bill passed by unanimous vote.
- The Community Bank Deposit Access Act (H.R. 5317), which would change the treatment of certain types of deposits so they are no longer classified as brokered deposits. The bill passed 393-16.
