|
Re: |
Omnibus Appropriations Includes Permanent Ban
on Banks in Real Estate |
On Wednesday 3/11/2009, President
Barack Obama signed H.R. 1105, the Omnibus Appropriations
Bill, into law. In doing so, he ended our nearly eight-year
battle to preserve the separation between banking and
commerce.
Specifically, this new law permanently bans large national
banking conglomerates from entering the real estate business
by preventing the Treasury and Federal Reserve, by rule,
order, or any other way, from opening the door to such
activities. Below is a link to more information and a Q&A
that can help you respond to inquiries you may receive from
your members.
http://www.realtor.org/banks_and_commerce.nsf
On behalf of NAR, we thank all of you for your support and
leadership on this issue during the past many years. This is
a great victory for the real estate industry and consumers.
Congratulations!
Sincerely,
Charles McMillan, CIPS, GRI
2009 NAR President |