Housing Finance Friday: President Trump Has Until Midnight To Veto Housing Bill

Research evidence excerpt

Housing Finance Friday: President Trump Has Until Midnight To Veto Housing Bill

TD Securities (USA) LLC POLICY NOTE

July 10, 2026

■WRG Financial Services Housing Finance Friday: President Trump Has

■WRG Housing

Until Midnight To Veto Housing Bill

Jaret Seiberg THE TD COWEN INSIGHT

202 868 5313

Welcome to Friday and our weekly look at the latest from Washington on housing finance. Our

jaret.seiberg@tdsecurities.com

focus today returns to the 21st Century ROAD to Housing Act, which we expect to become law

tonight at midnight. We continue to view this bill as a down payment for more substantive

housing legislation next year though it remains positive for manufactured and modular

housing.

Our View

President Trump has the rest of today to decide whether to let the housing bill become law,

sign it into law or veto it.

What is likely to happen?

We note the following:

■Our understanding is that deadline for action is midnight, which means at 12:01 AM on

Saturday the bill will be law if the President does not veto the measure.

■We do not expect the President to veto the legislation today though we concede that Trump

is unpredictable enough that no option can be fully dismissed.

■Trump is likely to let the bill become law because blocking it would hurt Republicans in the

midterm election by giving Democrats another avenue to attack the GOP over the rising

cost of living. A veto also would step on the affordability agenda that the White House and

congressional Republicans are seeking to advance.

■The bill also includes the President's signature housing initiative, which is to limit

institutional investors from buying additional single-family homes for use as rentals. We

note that the compromise version of this provision excludes single-family homes built as

rentals.