Industry leaders mixed on Senate-backed housing bill 

This week in Washington, D.C., the U.S. Senate passed a comprehensive housing package that the National Association of Realtors said "takes important steps to close the nation's housing supply gap and make homes more affordable." But the legislation contains a controversial provision that gives other industry leaders pause.

Meanwhile, President Donald Trump signed a pair of housing-related executive orders on March 13 — his first major action related to the real estate industry since mid-January.

Looking ahead, the Federal Reserve's Federal Open Market Committee (FOMC) meets again next week. Find out what to expect from Fed Chair Jerome Powell's penultimate meeting as the central bank's leader.

Senate passes bipartisan housing legislation

After advancing in the Senate last week, the bipartisan 21st Century ROAD to Housing Act cleared Congress' upper chamber on March 12 in an 89-10 vote. The package now heads to the House of Representatives, where it could face pushback over a provision requiring corporate buyers to sell built-for-rent single-family homes within seven years.

In a statement acknowledging the nationwide housing shortage and affordability crisis, NAR EVP and Chief Advocacy Officer Shannon McGahn applauded the legislation's advancement.

"The bill gives communities new tools and resources to build more homes, streamlines federal processes that delay construction, and updates financing options for manufactured and rural housing," McGahn said, noting that NAR "has supported this legislation since its introduction" and urges quick action in the House.

But the limitations it places on institutional investors could be detrimental to low-income families who can't afford homes of their own, warned Edward J. Pinto, senior fellow and co-director at the AEI Housing Center.  

The National Association of Home Builders (NAHB) also raised "serious industry concerns" about this provision, which NAHB Chairman Bill Owens suggested "could significantly curtail housing supply."

"We urge the House to seek a conference and make changes to remove the government mandate to sell rental housing within seven years so that it will not lead to a decrease in new construction," Owens said.

President signs 2 more housing-related orders

After signing an executive order on corporate home purchases in January, Trump took two additional executive actions on March 13 that the White House said will make it "easier for Americans to buy homes."

One executive order seeks to expand access to mortgages, while the second aims to "eliminate unnecessary regulatory burdens" on home builders.

The orders and the advancement of housing-related legislation in the Senate reflect "a positive tsunami of housing momentum," Federal Housing Finance Agency Director Bill Pulte told Fox Business.

DOJ to challenge judge's block on Fed subpoenas

A federal judge has quashed subpoenas that the U.S. Department of Justice (DOJ) served the Fed in connection to Powell's June 2025 testimony before a Senate committee.

Powell has claimed that the DOJ's "threat of criminal charges is a consequence" of the Fed's approach to short-term interest rates, which he said is "based on our best assessment of what will serve the public" rather than Trump's "preferences."

Chief Judge James Boasberg of the U.S. District Court for the District of Columbia seemed to agree with Powell in a filing unsealed on March 13.

"There is abundant evidence that the subpoenas' dominant (if not sole) purpose is to harass and pressure Powell either to yield to the President or to resign and make way for a Fed Chair who will," Boasberg wrote. "On the other side of the scale, the Government has offered no evidence whatsoever that Powell committed any crime other than displeasing the President."

U.S. Attorney Jeanine Pirro slammed the "outrageous decision" while speaking with reporters, calling Boasberg an "activist judge" and declaring that the DOJ will appeal the ruling.

But Republican Sen. Thom Tillis of North Carolina — who has joined former Fed chairs, Treasury secretaries and White House economic advisors in criticizing the investigation — warned that challenging Boasberg's ruling would further delay confirmation of a new Fed chair.

Tillis, whose vote is key to advancing Trump's pick to replace Powell after Powell's term as Fed chair ends in May, has vowed to block any nominees until the DOJ drops its investigation.

Fed to meet March 17-18

The FOMC has complicated data to assess when it convenes next week. While the U.S. Bureau of Labor Statistics released a strong January jobs report, the nation reported job losses in February, suggesting the labor market is weakening. Meanwhile, inflation held steady in February after dipping slightly in January.

The Fed, which is closely monitoring employment and inflation data, has said it intends to hold off on cutting rates after three consecutive cuts in the second half of 2025.

Economists say the latest data isn't expected to shift that approach — even though the war in Iran has intensified consumers' economic uncertainty amid spiking oil prices and climbing mortgage rates.