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Community Choice in Real Estate Act Reintroduced in Senate
| | Wednesday, January 26, 2005 @ 12:04 AM EST
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Contributed by: John Michael
John Michael Properties
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U.S. Newswire (press release) - Washington,DC,USA
WASHINGTON, Jan. 25 /U.S. Newswire/ -- Legislation that permanently prohibits big banking conglomerates from entering real estate brokerage or property management was introduced in the U.S. Senate yesterday, the National Association of Realtors (r) announced. Senate Banking Committee Chairman Richard Shelby (R-Ala.), as well as U.S. Sens. Wayne Allard (R-Colo.), Conrad Burns (R-Mont.), Hillary Rodham Clinton (D-N.Y.), Russell Feingold (D-Wis.), Johnny Isakson (R-Ga.) and Frank Lautenberg (D-N.J.), reintroduced the Community Choice in Real Estate Act, S. 98, last night. A companion bill, H.R. 111, was introduced in the House of Representatives by U.S. Reps. Ken Calvert (R-Calif.) and Paul Kanjorski (D-Pa.) on January 4, the first day of the 109th Congress.
The bill is identical to legislation that garnered the backing of 28 U.S. Senators and 255 members of the House of Representatives in the last Congress. NAR expects the list of cosponsors will grow to a majority of Congress for the third consecutive year. For the past three years, Congress has barred national banks from taking over local real estate companies by denying yearly funds to finalize a proposed federal rule.
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Banking conglomerates have requested permission from the Federal Reserve Board and the Treasury Department to sell and manage real estate under the 1999 Gramm-Leach-Bliley Act. The bill clarifies congressional intent and amends the Bank Holding Company Act to preclude national bank holding companies and their subsidiaries from entering the real estate business.
"Realtors(r) across America applaud Senators Shelby, Allard, Burns, Clinton, Feingold, Isakson and Lautenberg for reintroducing the Community Choice in Real Estate Act and reiterating their commitment to passing the bill this Congress," said NAR President Al Mansell, CEO of Coldwell Banker Residential Brokerage in Salt Lake City. "We continue to see tremendous support from members of Congress for keeping big banking conglomerates out of real estate, which has served as the pillar of our economy. We will not relent until national banks are permanently prohibited from taking over local real estate businesses that are part of the fabric of our communities."
A chorus of consumer, community and small business advocates has voiced their support for the bill because they agree that if big banks were allowed to sell or manage real estate, there would be a negative impact on communities across America, leaving home buyers and sellers with fewer choices, higher loan fees and reduced customer service.
Organizations that have voiced support for the Community Choice in Real Estate Act include the Building Owners and Managers Association, CCIM Institute, Consumers Union, Institute of Real Estate Management, International Council of Shopping Centers, National Affordable Housing Management Association, National Association of Home Builders, National Association of Industrial and Office Properties, National Auctioneers Association, National Fair Housing Alliance, National Federation of Independent Business, National Leased Housing Association and the National Community Reinvestment Coalition.
The National Association of Realtors(r), "The Voice for Real Estate," is America's largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.
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Information about NAR is available at http://www.realtor.org. This and other news releases are posted in the Web site's "News Media" section in the NAR Media Center.
http://www.usnewswire.com/
Note: John Michael is the author of many guides that can help you become more successful as an investor. See http://www.thecreativeinvestor.com/ChanPart-JohnMichael.html
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