SEN. CRUZ STATEMENT ON VOTING AGAINST 21ST CENTURY ROAD TO HOUSING ACT

The following information was released by Texas Senator Ted Cruz:

U.S. Sen. Ted Cruz (R-Texas) released the following statement after voting against the 21st Century ROAD to Housing Act:

"Lowering housing costs for all Americans is a priority for this Republican Congress, but this bill falls far short of that goal.

"Although this legislation prevents the Federal Reserve from issuing a central bank digital currency (CBDC), it only pauses the development until December 31, 2030. My Anti-CBDC Act takes the correct approach by permanently prohibiting the Federal Reserve from ever issuing a CBDC, directly or indirectly.

"I agree with President Trump that large banks should not be buying single-family homes. Unfortunately, this legislation goes beyond that principle and restricts those hoping to build new rental housing for Americans by requiring build-to-rent homes to be sold within seven years. Restricting the supply of newly built rental units should not be enshrined in law.

"Additionally, giving the Department of Housing and Urban Development authority to develop zoning and land-use frameworks raises serious concerns. Washington bureaucrats should not dictate zoning decisions for local communities like my hometown of Houston.

"The bill also risks giving a future Democratic administration the ability to impose policies like a rent moratorium by granting the Treasury Secretary broad authority to rewrite key provisions through the regulatory state.

"I remain optimistic that House Financial Services Chairman French Hill can address these significant concerns through the conference process. I look forward to working toward a final product that actually makes housing more affordable for all Americans instead of expanding the government's authority to regulate who buys homes."