Congress Sets Housing Reform Agenda Amid Regulatory Deregulation Push

Congressional leaders prioritize deregulation and housing reforms in 2024, aiming to tackle the housing crisis, with Tim Scott introducing the ROAD to Housing Act.

As the new congressional term kicks off, leaders from key committees in both the U.S. House of Representatives and the Senate have laid out their priorities, particularly concerning the housing sector.

Following their electoral triumph in 2024, Republicans now hold the reins of both chambers of Congress as well as the presidency.

This change in power has brought a strong focus on deregulation, especially within the Senate Committee on Banking, Housing, and Urban Affairs.

Focus on Deregulation and Housing Supply

Chairman Tim Scott from South Carolina is taking the lead in pushing for deregulation and aims to introduce measures to alleviate the national housing supply crisis.

He believes that previous progressive spending initiatives have driven up housing prices, making homeownership less attainable for many Americans.

In response, Scott has put forward the ROAD to Housing Act, a proposal designed to revitalize the housing market, enhance oversight of federal housing efforts, and broaden access to homeownership opportunities.

The Senate committee is set to explore how burdensome regulations have contributed to rising costs and hindered the provision of affordable housing.

These proposed reforms aim to prioritize help for families struggling in the current economic climate.

Additionally, Scott intends to offer incentives through Community Development Block Grants, which would encourage local governments to create pathways for residents to achieve homeownership.

House Financial Services Committee Initiatives

Meanwhile, in the House, the Financial Services Committee, led by Chairman French Hill of Arkansas, is keen on implementing pragmatic reforms in the housing landscape.

Their focus is on protecting consumer financial privacy and ensuring that financial regulators are held accountable.

However, Rep. Maxine Waters, the committee’s ranking member from California, has voiced concerns that these initiatives do not sufficiently address the financial strains facing families, particularly in the context of escalating living costs.

One crucial item on the legislative agenda is the confirmation of Scott Turner, nominated to lead the Department of Housing and Urban Development.

The committee’s progress on this matter will determine when the confirmation vote takes place.

Until Turner’s appointment is finalized, Matthew Ammon will serve as acting secretary, overseeing the department’s activities during this transitional phase.

Source: Housingwire