President Donald Trump’s administration plans new measures to tackle the high cost of housing in the coming weeks, U.S. Treasury Secretary Scott Bessent told Reuters in an interview on Monday.

Emphasizing the urgency of the situation, Bessent described it as an “all hands on deck” challenge.

Bessent told the Washington Examiner in a separate interview that Trump may declare a national housing emergency this fall to address rising prices and dwindling supply.

The housing market has been hardest hit by the U.S. central bank’s tight monetary policy stance and high housing costs are a top concern for many Americans.

The Treasury secretary told Reuters rents were now dropping, which was important for Americans who do not own their homes.

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He said he was expecting an increase in real estate transactions and home sales once interest rates began falling, which could encourage people who were locked into low mortgages to put their existing homes on the market.

Bessent said the Trump administration was also exploring ways to simplify permitting and encourage standardization to boost construction, which would boost housing supply and help to bring high costs down.

Affordability would be a big focus for the administration, Bessent said, noting Trump’s push to drive down prescription prices.

(Reporting by Andrea Shalal, Jeff Mason and Jasper Ward; Editing by Scott Malone, Ross Colvin and Edmund Klamann)

President Donald Trump announced his plan to give former New York City Mayor Rudy Giuliani the nation’s highest civilian honor — the President Medal of Freedom.

Trump made the initial announcement via his Truth Social platform on Labor Day, promising more details at a later date.

“As President of the United States of America, I am pleased to announce that Rudy Giuliani, the greatest Mayor in the history of New York City, and an equally great American Patriot, will receive THE PRESIDENTIAL MEDAL OF FREEDOM, our Country’s highest civilian honor,” he posted. “Details as to time and place to follow. Thank you for your attention to this matter. MAKE AMERICA GREAT AGAIN!!!”

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— Rapid Response 47 (@RapidResponse47) September 1, 2025

Trump’s announcement comes less than 48 hours after Giuliani, 81, reportedly sustained serious injuries in a car accident in New Hampshire when another vehicle struck his from behind at high speed.

Michael Ragusa, Giuliani’s head of security, issued a statement on Sunday, saying, “Prior to the incident, Mayor Giuliani was flagged down by a woman who was the victim of a domestic violence incident. Mayor Giuliani immediately rendered assistance and contacted 911. He remained on scene until responding officers arrived to ensure her safety. Following this, while traveling on the highway, Mayor Giuliani’s vehicle was struck from behind at high speed.”

The 19-year-old driver of the other vehicle also suffered non-life-threatening injuries in the crash and both vehicles were badly damaged.

Giuliani served as Mayor of New York City from 1994-2001, and earned the nickname “America’s Mayor” for his leadership in the aftermath of the 9/11 terrorist attacks that brought down the World Trade Center.

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Writing of the experience in his 2002 book “Leadership,” Giuliani noted that he’d returned to Ground Zero a number of times on that horrific day.

“I needed to see with my own eyes the disaster site and our rescue operations, and get a sense of what we would be dealing with in the months to come,” he said.

Of his efforts to put forth a positive message and bring New Yorkers together as they dealt with the tragic loss of life, he wrote that he “had to communicate with the public, to do whatever I could to calm people down and communicate with them.”