- Key insight: The core of both the Senate and House versions of the legislation aim to increase the supply of housing, but a slew of bipartisan riders in the House version have been opposed by some Democrats in the upper chamber.
- What's at stake: The House version has a number of bank-favored riders, like brokered and custodial deposits, that could still end up in the Senate version.
- Forward look: The key point will be what Senate Majority Leader John Thune, R-S.D., is willing to add, and if enough Democrats will support the community bank provisions to reach a compromise with House Financial Services Committee Rep. French Hill, R-Ark.
WASHINGTON — Senate Majority Leader John Thune, R-S.D., has filed cloture on a housing affordability package, teeing it the Senate version up for a vote next week.
The Senate legislation, sponsored by the Senate Banking Committee chair and ranking member, Sens. Tim Scott, R-S.C., and Elizabeth Warren, D-Mass., previously
The House version of the legislation has a number of bank-favored riders attached to it, including provisions on brokered and custodial deposits.
While the Senate version doesn't include these provisions, Thune's filing sets off a wave of negotiations between the House, Senate and White House over
"It is imperative that my Senate colleagues work with the House to deliver a bipartisan housing bill to President Trump's desk — one that reflects the shared priorities of the House, Senate, and White House," Hill said in a statement.
Another item that could be in play is the ban on institutional investors buying up single family homes, a populist plank that has found agreement between parties as disparate as Warren and President Donald Trump, who
It's unclear at this point what version of housing legislation will actually make it to the Senate floor.
Warren has already opposed the community bank riders.
"I'm glad to see the House move forward on housing proposals, but House Republicans should not hold housing relief hostage to push forward several bank deregulatory bills that will make our community banks more fragile while harming consumers, small businesses, and economic growth. Americans need relief from the housing crisis now," she said in a statement earlier this month.
But there still might be enough Democrats interested in the issue to clear the 60-vote threshold necessary to bring the bill to a final vote, making the community bank provisions an attractive sweetener for senators looking to win over Hill and the House in general. The brokered deposit items have Democratic support on the Senate side, but it's not clear if those lawmakers will agree to put them in the wider housing package.
