NEW: Scott Bessent says Trump may declare 'housing emergency' in fall to address rising prices

Treasury Secretary Scott Bessent has said that the Trump administration may declare a "national housing emergency" in the fall to lower the cost of housing. This comes as President Donald Trump has been pushing for Federal Reserve Chair Jerome Powell to lower the interest rates, which may decrease the cost of housing.  

In an interview with the Washington Examiner, Scott Bessent told reporters that the Trump administration hopes to make "affordability" a key part of the GOP platform in 2026, and added, “We may declare a national housing emergency in the fall."  

The Treasury Secretary did not go into full specifics of what an "emergency" would be predicate for but suggested that the Trump administration may standardize zoning laws, move to decrease closing costs, and create tariff exemptions for housing materials. Complex zoning laws can often lead to a shortened supply of housing, leading to higher costs in some areas of the country. However, Bessent did not address all policies that the government would implement if such an emergency was declared. 

Additionally, tariff exemptions could bring down the cost of housing materials in some cases. “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 added. “I think everything is on the table.”

Bessent is also optimistic going into 2026, “I think we’re going to see a big economic pickup in 2026,” Bessent said as he gestured to the owner of the restaurant the interview took place in. “This very, very, very nice young lady here, who’s had this restaurant for 32 years, she’s going to get a large tax refund of the ‘No Tax on Tips.’ So 2026 is going to be a good year.”