Trump Team Drafting Executive Order On Affordability

The White House is drafting an executive order broadly targeted at addressing Americans’ frustration with the cost of living, including a push to allow people to dip into their retirement and college savings accounts to afford down payments on homes.

The document, according to two people familiar with its drafting, is also expected to include an action previewed by President Donald Trump on Wednesday that would move toward banning large investors from acquiring single-family homes.

Some of the policies may need backing by Congress, and it’s unclear what level of support they would have among lawmakers.

“Senate Democrats tried to do this last year. Republicans blocked it,” Senate Minority Leader Chuck Schumer (D-N.Y.) posted on X, referring to Trump’s push to limit institutional investors’ ability to buy more single-family homes.

Still, Trump’s political stance on these matters could scramble Democrats’ messaging heading into the 2026 midterm elections as they argue that they are most focused on easing pressure from the high cost of living.

Sen. Josh Hawley (R-Mo.), a key representative of the more populist wing of the GOP, voiced his support for loosening restrictions on the use of 401(k)s for homebuying.

“For years, Wall Street has used your 401k money to buy single-family homes,” Hawley wrote in a post on X. “We should ban them from doing it - but allow you to use your 401k to help you buy a home, without penalties or caps or taxes.”

Pulling funds from your 401(k) or 529 account for non-qualified uses usually results in a penalty.

“President Trump pledged to put an end to Joe Biden’s inflation and affordability crisis, and the Administration is constantly exploring new policy actions to do just that," White House spokesperson Kush Desai said in a statement. "Until policy announcements are officially made by the Administration, however, any reporting about potential action is pure speculation.”