President Donald Trump said Friday that he will not sign a housing bill approved by Congress in June, even though the measure is expected to become law automatically if he does not veto it by the deadline. Under the Constitution, a bill that is not vetoed within 10 days of being received by the president becomes law on its own, excluding Sundays.
The legislation, known formally as the 21st Century ROAD to Housing Act, passed the House by 358 votes to 32 and the Senate by 85 votes to 5, margins large enough to override a veto if needed. The bill is intended to help reduce housing costs for buyers and limit the influence of institutional investors in the market.
Trump links housing bill to election fight
Trump said he was withholding his signature in protest over the Senate’s failure to advance the SAVE America Act, a separate election measure he has made a priority. In a Truth Social post, he said he would not sign the housing bill because the Senate was not able to pass that legislation. The White House did not say whether he planned to veto the housing measure, instead pointing to his post.
The announcement came as housing affordability remains a major political issue. The National Association of Realtors reported a day earlier that the median price of an existing home sold in June reached $440,600, the highest level on record and up 1.8% from a year earlier. Democrats used Trump’s move to criticize him, arguing that it showed little concern for rising housing costs. Trump has also pressed Republicans to make the SAVE America Act a top priority ahead of the midterm elections and has previously suggested he could withhold his signature from other bills until it passes.
Source: cnbc.com
