Treasury Secretary Scott Bessent on Monday said that the Trump administration is mulling the declaration of a national housing emergency in an effort to address high housing prices and limited inventory.
"We may declare a national housing emergency in the fall," Bessent told the Washington Examiner in a Labor Day interview.
Bessent reiterated that interest rate cuts by the Federal Reserve would be helpful for bringing housing prices lower, but also acknowledged in the interview that the Trump administration could take other steps aimed at expanding the supply of housing as well as alleviating certain costs.
"We're trying to figure out what we can do, and we don't want to step into the business of states, counties and municipal governments," Bessent said. "I think everything is on the table."
Bessent opted against listing the executive actions that President Donald Trump could take if the White House declares a national housing emergency, but told the Examiner that officials are evaluating ways to standardize local building and zoning codes as well as decrease closing costs.
The Treasury Secretary also told the outlet that the Trump administration may consider some tariff exemptions for certain construction materials to reduce costs.
Lumber costs have been particularly volatile this year amid the Trump administration's implementation of tariff policies, particularly given U.S. imports of Canadian lumber.
