Flood: Conference may be only way forward for housing bill - Live Updates

Rep. Mike Flood, chair of the Financial Services Housing and Insurance Subcommittee, said that because of "outstanding concerns" with the Senate’s housing bill the two chambers may need to formally negotiate a legislative compromise.

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He said, "The bill is intended to cut costs, but the Senate removed important bipartisan House provisions that would have slashed barriers to building more homes," and added he is "holding out hope for some fixes, but time runs short."

Flood concluded, "Given the bill’s current state, I think a conference may be the most viable path forward."

The article notes the upper chamber has continued to overwhelmingly support the bill.

The Senate’s bipartisan housing package, the 21st Century Road to Housing Act, aimed to combine a portion of the House’s housing legislation and other sweeteners to get buy-in from the lower chamber.

A group of conservative House Republicans objected to a provision that would prevent the Federal Reserve from issuing a digital currency until the end of 2030 and said they want a permanent ban instead.

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Another contested measure would ban large institutional investors from purchasing single-family homes, and some lawmakers took issue with a clause that would require single-family homes built-to-rent and acquired by large investors to be sold to individual homebuyers after seven years.

Critics, including large housing industry groups, said that language would disincentivize the construction of those homes, and Flood warned, "The legislation is intended to increase housing supply, but its build-to-rent language would crush an industry that produces about 50,000 homes per year."

House Republicans signaled resistance that could block the Senate bill without edits.

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House Freedom Caucus Chair Andy Harris warned that the Senate package "would not pass the House without changes."

Rep. Scott Perry criticized the bill’s negotiators, saying, "I’m not thrilled about being asked to vote for a bunch of Elizabeth Warren rent control policies, pricing control and rent policies that are downright socialist, if not outright communist."

The article contains an unclear or truncated sentence about House Financial Services Chair French Hill; that wording is ambiguous in the source.

The Senate could vote as soon as Thursday to approve the 21st Century ROAD to Housing Act, which advanced past an 89-9-1 procedural vote Tuesday.

The article notes that conference committees have become an increasingly uncommon way for the two chambers to reconcile differences over legislation.

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Given the time pressure and the House objections — including calls for permanent changes to the digital currency ban — lawmakers and Flood suggested a formal conference may be the most viable path forward.