Senators introduce plan to expand housing investment

A bipartisan group of lawmakers is leading an effort to increase housing supply through the introduction of a bill that would boost investments in affordable housing — a priority set by the Trump administration.

Senate Banking Committee Chair Tim Scott, R-S.C., and Sen. Lisa Blunt Rochester, D-Del., along with several other senators, introduced the Community Investment and Prosperity Act in the Senate on Thursday.

The bill would raise the statutory cap on public welfare investments for banks, increasing it from 15% to 20%. Lawmakers said in a press release that the change could unlock “billions in capital” for community development projects such as affordable housing, financial education and small businesses.

Senator Scott said updates to “outdated laws” are needed to incentivize public…