The Trump administration’s effort to address US affordability concerns ahead of
the midterm elections is facing setbacks. Key housing legislation has stalled in
Congress due to objections over a White House–negotiated provision, while a
proposed 10% cap on credit-card interest rates has been dropped amid opposition
from banks and economists. Two executive orders on mortgage access and housing
regulation remain only partially implemented and are seen as limited in impact.
Meanwhile, higher gas prices driven by the Iran war and a weak spring housing
market have overshadowed policy announcements. Consumer sentiment has fallen to
a record low since 1978, and Trump’s approval rating has declined, raising risks
for Republican control of Congress.
