Resolutions Introduced in House and Senate to Overturn Biden WOTUS Rule
Congressional Republicans in the House and Senate today issued resolutions that would overturn the Biden administration’s new “waters of the United States” (WOTUS) rule that will go into effect on March 20, 2023.
The resolutions were introduced under the Congressional Review Act, which allows Congress to use expedited procedures to rescind federal regulations.
The resolution was introduced in the House by Transportation and Infrastructure Committee Chairman Sam Graves (R-Mo.) and has garnered 151 co-sponsors.
The Senate resolution was introduced by Sen. Shelley Moore Capito (R-W.Va.), the ranking member of the Senate Environment and Public Works Committee. All 49 Republican members of the Senate signed onto the resolution.
No Democrat signed onto either the House or Senate resolution.
The resolutions require a simple majority for approval in both chambers, but President Biden is expected to veto the WOTUS resolution if it comes to his desk.
Latest from NAHBNow
Facing persistent inflationary pressures, the Federal Reserve unanimously decided at its September policy meeting to raise the federal funds rate to a target range of 3.75% to 4%.
Overall housing starts decreased 2.6% in August to a seasonally adjusted annual rate of 1.28 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
Latest Economic News
Single-family housing starts rebounded in August, but production remains down 4.7% year to date as builders contend with rising construction costs, lot and labor shortages, and economic uncertainty.
The Federal Reserve raised the federal funds rate by 25 basis points at the conclusion of its September policy meeting, bringing the target range to 3.75% to 4%.
Higher mortgage rates, worsening labor shortages and rising material costs are weighing on builder sentiment.