Treasury Secretary Scott Bessent told the Washington Examiner on Monday that President Donald Trump might declare a national housing emergency this fall to address rising prices and dwindling supply.
It would be the first national housing emergency since the Great Recession, when the housing bubble burst as President Barack Obama was preparing to take over the White House from former President George W. Bush.
Since taking office, President Trump has declared nine national emergencies, ranging from immigration to trade, and in August added an emergency targeting violent crime in Washington. Now his administration is signaling that housing could be next.
The Trump administration does not want to override state and local control, but Bessent suggested the White House is exploring options such as standardizing zoning codes, lowering closing costs, and even granting tariff exemptions for construction materials.
The remarks come as Trump seeks to position "affordability" as a centerpiece of Republicans’ 2026 midterm platform. The "No Tax on Tips" provision in the recently signed One Big Beautiful Bill Act is part of that push, with the administration also eyeing housing relief as a key pillar.
Bessent expressed optimism about the broader economy, predicting a "big economic pickup in 2026," buoyed by Federal Reserve rate cuts and Trump’s reciprocal tariffs — though he acknowledged uncertainty over how businesses will pass costs on to consumers.
A full transcript of Bessent’s interview with the Examiner is expected later Tuesday.
Trump blasted Federal Reserve Chair Jerome Powell in August for "hurting" the housing industry "very badly" as the president campaigned for lower interest rates.
Trump has repeatedly urged Powell to cut those rates while criticizing the Fed chairman.
"Could somebody please inform Jerome ‘Too Late’ Powell that he is hurting the Housing Industry, very badly?" Trump wrote on Truth Social. "People can’t get a Mortgage because of him. There is no Inflation, and every sign is pointing to a major Rate Cut."
Source:
https://www.newsmax.com/us/housing-emergency-fed/2025/09/01/id/1224677/