The Senate Banking and House Financial Services committees released updated text Tuesday for the 21st Century ROAD to Housing Act (H.R. 6644), which includes a ban on the Federal Reserve issuing a central bank digital currency through December 31, 2030. The compromise followed months of bipartisan negotiation and incorporated priorities from both chambers and the White House, including a three-year sunset for a disaster-recovery block grant program, nine community banking bills, and limits on institutional homebuyers. The legislation aims to boost housing supply, lower costs, and prevent institutional investors from crowding families out of the single-family market, while addressing concerns that a government-issued digital currency could enable financial surveillance.
Bill Bans Fed CBDC Issuance Through December 31, 2030
The updated text of H.R. 6644 states that the Federal Reserve "may not issue or create a central bank digital currency" or any substantially similar asset through December 31, 2030. The bill includes a carveout for open, permissionless private dollar assets such as stablecoins that preserve "the privacy protections of United States coins and physical currency." Senate Banking Chair Tim Scott (R-SC), Ranking Member Elizabeth Warren (D-MA), House Financial Services Chair French Hill (R-AR), and Ranking Member Maxine Waters (D-CA) said the legislation reflects years of bipartisan, bicameral work. Scott said it was time to "deliver real relief for the American people," while Warren called it the biggest housing bill in more than 30 years. Waters said the text includes more than 50 housing and banking provisions Democrats fought to secure.
Senate Passed 89-10 in March, House Cleared 396-13 in May
The Senate first attached the CBDC ban in March, passing the package 89-10. The House cleared its amended version 396-13 in May. The updated text now returns to the Senate floor. Hill said he looks forward to President Trump signing it into law. To seal the deal after months of negotiation, the Senate accepted a three-year sunset for a disaster-recovery block grant program and adopted House measures, including nine community banking bills and language limiting institutional homebuyers.
Treasury Secretary Scott Bessent Reiterates Digital Dollar Off the Table
The anti-CBDC provision was added at the urging of House Republicans, and the Trump White House has backed it. Treasury Secretary Scott Bessent recently reiterated that a digital dollar is off the table. Some House conservatives, including Rep. Anna Paulina Luna (R-FL), want a permanent ban, arguing that "CBDCs are bad for everyone." Critics warn that government-issued digital cash equivalents could enable financial surveillance.
FAQ
What does the 21st Century ROAD to Housing Act say about CBDCs?
The bill states that the Federal Reserve "may not issue or create a central bank digital currency" or any substantially similar asset through December 31, 2030, with a carveout for open, permissionless private dollar assets such as stablecoins that preserve "the privacy protections of United States coins and physical currency."
When did the Senate and House pass versions of H.R. 6644?
The Senate passed the package 89-10 in March after first attaching the CBDC ban. The House cleared its amended version 396-13 in May. The updated text now returns to the Senate floor.
Who are the committee leaders behind the housing bill?
Senate Banking Chair Tim Scott (R-SC), Ranking Member Elizabeth Warren (D-MA), House Financial Services Chair French Hill (R-AR), and Ranking Member Maxine Waters (D-CA) released the updated text Tuesday.
