Treasury Secretary Scott Bessent revealed plans for President Trump to potentially declare a national housing emergency in the fall to address rising costs for Americans. Bessent emphasized housing affordability as a key priority ahead of the 2026 midterm elections, stating that Federal Reserve rate cuts could ease post-pandemic price surges. However, he acknowledged the administration’s need to take additional steps to reduce costs and increase supply for homeowners.

Bessent outlined potential measures, including standardizing local building and zoning codes and lowering closing costs, while hinting at possible tariff exemptions for construction materials. He stressed that the administration would avoid overstepping state and municipal authority but left room for broad action. “Everything is on the table,” he said during an interview.

The secretary expressed optimism about the 2026 economic outlook despite uncertainties surrounding Trump’s recent tariffs. He highlighted plans to implement policies like the “No Tax on Tips” initiative, citing a Virginia restaurant owner as an example of expected benefits for workers. Bessent also noted that falling rents and anticipated interest rate declines could boost real estate transactions and home sales.

The administration is exploring ways to streamline permitting processes to increase housing supply and reduce costs, mirroring efforts to lower prescription drug prices. Bessent’s remarks underscored a focus on addressing affordability challenges through regulatory reforms and targeted economic strategies.