Industry News

Senators support effort to keep banks out of real estate

Latest legislation introduced this week

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The National Association of Realtors is again pushing for legislation aimed at permanently prohibit big banking companies from entering real estate brokerage and property management, and a group of senators signed on this week. For the past three years, Congress has barred national banks from taking over local real estate companies by denying annual funds to finalize a proposed federal rule. The legislation is identical in language to legislation introduced last year that won support from 28 senators and 255 House members. Association officials said they expect the list of cosponsors will grow to a majority of Congress for the third consecutive year. Senate Banking Committee Chairman Richard Shelby, R-Ala., and 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, Senate Bill 98. A companion bill, H.R. 111, was introduced...