U.S. President Donald Trump is facing a 10-day window to act on the 21st Century ROAD to Housing Act after House Speaker Mike Johnson sent the bipartisan bill to the White House on Monday. According to reports, Johnson formally transmitted the housing package to Trump's desk, triggering a 10-day clock, excluding Sundays, for the president to either sign or veto the bill. If Trump takes no action, the bill will become law without his signature by July 10. Trump has not committed to signing the housing bill and described it as 'a big yawn' while pressing Republicans to focus on the SAVE America Act. The U.S. Constitution gives a president 10 days, excluding Sundays, to sign or return a bill after presentment, and if Congress remains in session and the president takes no action, the bill becomes law as if it had been signed. If Trump vetoes the housing measure, Congress can override that action with a two-thirds majority in both chambers.
The housing bill carries a significant non-housing provision that blocks the Federal Reserve from creating a central bank digital currency through 2030. As reported, the digital asset language bars the Federal Reserve from issuing or creating a CBDC, or any substantially similar digital asset, until the end of 2030. The 21st Century ROAD to Housing Act mainly focuses on housing affordability, seeking to expand housing supply, support manufactured housing, speed up reviews, and place new limits on large investors buying single-family homes. The CBDC clause has moved through Congress alongside broader digital asset debates, with the housing bill passing the Senate in an 85-5 vote and the House in a 358-32 vote. Reports indicate this restriction was included as part of an effort to attract Republican backing, suggesting the CBDC clause was used to broaden coalition-building around a major domestic policy goal.
Trump has linked the housing bill to the SAVE America Act, a voting measure that would require proof of U.S. citizenship for voter registration. According to reports, Trump cancelled a planned signing ceremony last week and told Republicans in Congress to focus on the election bill instead. This position has frustrated some Republicans who want to campaign on housing affordability before the November midterms. Representative Anna Paulina Luna led a blockade of 25 Republicans pledging to vote against any Senate bills until the SAVE Act is attached to defense legislation, threatening to paralyze House floor proceedings. Senator Bill Cassidy said it was 'irresponsible' to postpone signing the housing bill over the SAVE Act and emphasized that relief for high housing costs should start quickly. Trump reportedly described the legislation as a 'yawn' and sarcastically called the matter a 'big deal'. Trump said in March that he would not sign other bills until the SAVE America Act was passed, though he also signaled support for CLARITY in a social media post.
In a related development, the Supreme Court ruled Monday that President Donald Trump does not have the authority to fire Federal Reserve Governor Lisa Cook from the central bank for now. As reported, the 5-4 ruling rejected Trump's bid to pause a lower federal court ruling, though the court did not rule whether Trump ultimately will have the power to fire Cook or any other member of the Fed. The ruling comes as Trump has been pushing for changes at the Federal Reserve, including the firing of Cook over her suitability in sitting on the Board of the Federal Reserve. Trump responded by stating that 'The Cook Lawsuit, having to do with her suitability in sitting on the Board of the Federal Reserve, was sent back by the Supreme Court on a strictly procedural basis, we will take appropriate action immediately to make sure that someone who has committed wrongdoing will not be making vital decisions concerning the Welfare of the United States of America!'
The housing fight comes as crypto legislation faces its own challenges. As reported, the Senate adjourned until July 13, leaving lawmakers with less floor time to move the CLARITY Act before the August break. The CLARITY Act remains central to crypto market structure talks and has cleared the House, passed the Senate Banking Committee, and reached the Senate calendar, but it still needs floor action. The same debate also touches the CBDC issue, as the CLARITY Act includes anti-CBDC language that would bar the Fed from issuing a retail digital dollar without clear approval from Congress. The Senate began a state work period on Friday and lawmakers are expected back by July 13, leaving about four weeks to address the Digital Asset Market Clarity Act before another state work period in August. For investors and builders, the practical takeaway is that 'CBDC policy' and 'market structure policy' may be converging in the legislative process but not necessarily in a coordinated way.
