The bipartisan ’21st Century ROAD to Housing Act’ cleared the cloture vote with 84 votes in favor and 6 against.
The United States Senate has taken a further step toward passing the ’21st Century ROAD to Housing Act,’ a bipartisan housing affordability bill that includes a provision banning the Federal Reserve from issuing a central bank digital currency (CBDC). The measure cleared the cloture vote with 84 votes in favor and 6 against, paving the way for a full Senate debate.
The bill aims to increase the housing supply in the United States and make it more affordable. Tim Scott, chairman of the Committee on Banking, Housing, and Urban Affairs, and ranking member Elizabeth Warren stated in a joint release that the measure would represent the largest housing legislative package in decades, calling it a ‘good first step’ toward preventing large institutional landlords from dominating the market.
The anti-CBDC provision is contained in Title X, Section 1001, of the 303-page document released ahead of the cloture vote. The text establishes that the Federal Reserve may not issue or create a CBDC or similar digital asset until December 31, 2030. However, the provision includes an exception for any dollar-denominated currency that is ‘open, permissionless, and private, and that fully preserves the privacy protections of United States coins and physical currency.’
The inclusion of an anti-CBDC clause in a housing bill represents a well-established legislative strategy, in which unrelated policies are attached to a broader, higher-priority piece of legislation. According to reports, House Republicans reportedly pushed for the anti-CBDC provision to be included in the text. The White House is also said to have expressed support for the legislation, highlighting both the housing provisions and those related to the CBDC.
In an official statement, the administration emphasized
‘The Administration highlights the inclusion of presidential priorities… to block the development of a central bank digital currency that could pose significant threats to personal privacy and freedom.’
