Stopping Wall Street from Competing with Main Street Homebuyers
By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered:
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Executive Order 14376
By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered:
Section 1. Purpose and Policy. Buying and owning a home has long been considered the pinnacle of the American dream and a way for families to invest and build lifetime wealth. But because of the recent high inflation and interest rates caused by the previous administration, that American dream has been increasingly out of reach for too many of our citizens, especially first-time homebuyers.
At the same time, a growing share of single-family homes, often concentrated in certain communities, have been purchased by large Wall Street investors, crowding out families seeking to buy homes. Hardworking young families cannot effectively compete for starter homes with Wall Street firms and their vast resources. Neighborhoods and communities once controlled by middle-class American families are now run by faraway corporate interests. People live in homes, not corporations. My Administration will take decisive action to stop Wall Street from treating America’s neighborhoods like a trading floor and empower American families to own their homes.
To preserve the supply of single-family homes for American families and increase the paths to homeownership, it is the policy of my Administration that large institutional investors should not buy single-family homes that could otherwise be purchased by families.
Sec. 2. Definitions. Within 30 days of the date of this order, the Secretary of the Treasury shall develop, in consultation with the Assistant to the President for Economic Policy, definitions of “large institutional investor” and “single-family home” for the purpose of implementing this order, which other executive departments and agencies (agencies) may adopt as required for such implementation.
Sec. 3. Restrictions on the Sale of Single-Family Homes by the Federal Government. (a) Within 60 days of the date of this order, the Secretary of Agriculture, the Secretary of Housing and Urban Development, the Secretary of Veterans Affairs, the Administrator of General Services, and the Director of the Federal Housing Finance Agency, as appropriate, shall issue guidance to: