Republican lawmakers are seeking clarity after President Donald Trump said Wednesday he wants them to pass legislation “ban[ning] large institution investors from buying more single-family homes.”
The historically Democrat-championed proposal, which sent homebuilder shares tumbling, will likely face fierce opposition from Wall Street.
It “can mean a lot of different things,” House Financial Services Chair French Hill, R-Ark., said. “That’s why I don’t want to generalize and give an impromptu answer.”
Rep. Mike Flood, R-Neb., who chairs the committee’s housing panel, said he, too, “want[s] to see what the president’s proposal is” before weighing in. “The good thing here is that our nation’s chief executive is identifying housing as one of the big issues of this Congress,” Flood added.
Some GOP senators, like Sen. Bernie Moreno, R-Ohio, were meanwhile quick to voice their support.
Politico reported Trump will include the plan in a broader executive order.