President Donald Trump‘s proposal to ban Wall Street investors from purchasing single-family homes hit a roadblock in Congress and did not make it to the final Housing Bill on Monday.
House Rep. French Hill (R-Ark.), the Chairman of the House Financial Services Committee (FSC) and other key Republican lawmakers declined the White House’s request to add the investor ban as an amendment to the Housing for the 21st Century Act, a bill aimed at boosting housing supply, reported The Wall Street Journal.
Hill cited the lack of clarity from White House on who qualifies as a “large institutional investor” and what constitutes a “single-family home” as one of the reasons for his denial. He also stated that Trump’s executive order investor ban was issued after the FSC had already reached “tremendous consensus” on its housing package.
The House Financial Services Committee has scheduled a Tuesday hearing on housing affordability and added three separate investor ban bills to its agenda.
Although some lawmakers, including Sen. Bernie Moreno (R., Ohio) …Full story available on Benzinga.com
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