Senate OKs Housing Bill, Bars Fed CBDC Through 2030

The Senate approved the 21st Century ROAD to Housing Act (H.R. 6644) on Monday by an 85-5 vote. The measure combines a package of housing supply reforms with a provision that bars the Federal Reserve from issuing a central bank digital currency or any digital asset ‘substantially similar' to one until Dec. 31, 2030.

H.R. 6644 includes provisions designed to increase homebuilding, ease zoning and permitting constraints, and limit the expansion of large corporate landlords.

Senators and House members released an updated version of the bill last week that leadership described as reflecting bipartisan, bicameral agreement. Five senators opposed final passage.

Next, the legislation moves to the House for a floor vote. House Republican leaders plan an expedited vote immediately after the chamber returns from recess on June 23.

The CBDC language prevents the Federal Reserve from issuing or creating a digital currency or any digital asset deemed substantially similar to a CBDC until the end of 2030. The provision was added at the urging of House Republicans.

The administration has expressed opposition to a U.S. central bank digital currency. Treasury Secretary Scott Bessent described CBDCs as “off the table” and indicated the administration will focus on advancing the Clarity Act, legislation aimed at digital asset regulation.

House Financial Services Chairman French Hill praised the bill in a statement, writing that ‘Housing affordability starts with supply, and this bill makes meaningful progress toward building more homes and lowering costs for American families.'

Supporters of the housing measures contend the package will expand construction and reduce barriers that slow new housing. Opponents argued that attaching a CBDC ban to a housing bill could complicate negotiations and limit flexibility on digital currency policy.

If the House approves the measure and the president signs it, the housing provisions and the temporary prohibition on a Federal Reserve-issued CBDC would become law. The CBDC ban would remain effective through Dec. 31, 2030 unless Congress acts to change or remove the provision.