President Trump is rejecting a proposal raised by his administration that would have enabled homebuyers to use money from their 401(k) accounts to finance down payments.
The Hill reports National Economic Council Director Kevin Hassett previewed the proposal last week to highlight the administration’s efforts to address challenges in securing affordable homeownership. Hassett offered no details on how this plan could world, although he stated the president would speak about it during his speech this week at the World Economic Forum in Davos, Switzerland.
But Trump made no mention of that plan in his speech. In remarks made to reporters on Air Force One Thursday evening during his return flight to Washington, Trump stated a lack of enthusiasm for the idea.
“I’m not a huge fan of it,” he said. “Other people like it. They’re talking about taking money out to put a deposit down on a home. And one of the reasons I don’t like it is that their 401(k)s are doing so well. 401(k)s are up 80, 90% in some cases. And you know, you’re talking about a lot of people. I like keeping their 401(k)s in great shape. I like keeping their 401(k)s. And I’m not a huge fan of that, putting down a deposit.”
Photo: Gage Skidmore / Flickr Creative Commons
