President Donald Trump abruptly canceled a planned Capitol Hill signing ceremony for a sweeping bipartisan housing affordability bill Wednesday, saying he would not move forward until Congress passes the SAVE America Act, an elections measure he has elevated as a top legislative priority.
In a Truth Social post shortly before the scheduled event, Trump said the housing news conference and signing were "cancelled" until passage of the SAVE America Act, which he described as a "National Emergency."
The 21st Century ROAD to Housing Act cleared the Senate 85-5, with Republican leaders insisting the CBDC restriction ride along with one of the most bipartisan bills in years. The House passed the bill Tuesday 358-32, putting the measure on a direct path to President Donald Trump's desk for signature.
And so - Trump's cancellation upended what was expected to be a rare bipartisan victory lap for lawmakers, who had sent Trump the 21st Century ROAD to Housing Act after months of negotiations. The bill, one of the most significant federal housing packages in decades, passed the House Tuesday evening by a wide margin after clearing the Senate 85-5 a day earlier.
The housing legislation had drawn support from both parties by targeting the nation's housing affordability crisis from several angles. Its provisions seek to speed up construction, reduce regulatory barriers, streamline environmental reviews, expand support for factory-built and manufactured housing, and help local governments convert vacant commercial buildings into affordable homes.
One of the most politically prominent pieces of the bill would limit large institutional investors from purchasing certain existing single-family homes. Supporters argue that such restrictions could help reduce competition for individual buyers in markets where corporate ownership is concentrated, while the final version preserves a carveout for new construction.
The measure also contains a major digital-currency provision: a temporary ban, running through the end of 2030, on the Federal Reserve issuing or circulating a central bank digital currency. The language includes protections for private dollar-denominated digital assets, a provision welcomed by crypto advocates who oppose a government-backed digital dollar.
The bill's language is sweeping: the Board of Governors of the Federal Reserve System or any Federal Reserve bank may not issue, create, or circulate a central bank digital currency - directly or through any intermediary - through December 31, 2030.
It explicitly shields private stablecoins, carving out any "open, permissionless, and private" dollar-denominated asset.
The bill's broad coalition had made it a rare point of agreement in a divided Congress. Republicans emphasized deregulation, supply growth and limits on Wall Street homebuying. Democrats pointed to affordability, renter protections and housing access. Lawmakers from both parties had hoped the signing would mark a tangible response to high rents, elevated mortgage costs and a shortage of affordable homes.
Now, the bill in legislative limbo with Trump using the housing package as leverage to force Senate action on election rules. The SAVE America Act has been a priority for Trump and his allies, but it faces strong Democratic opposition and an uncertain path in the Senate.
That said, if Trump continues to withhold his signature - and does nothing, the bill is likely to become law regardless. Under the Constitution, a bill presented to the president becomes law automatically after 10 days if he neither signs nor vetoes it - provided Congress remains in session. With August recess still weeks away and both chambers having passed the measure by margins far exceeding the two-thirds threshold needed to override a veto, the CBDC ban appears headed into law with or without a ceremony.