News for Prescott AZ - AmericanTowns.com

Monday, March 16, 2009

Omnibus Appropriations Includes Permanent Ban

To:  L-Team, Regional Vice Presidents, Liaisons, State Presidents, State President-Elects,
        Local Presidents, State and Local Association Executives, State and Local
        Government Affairs Directors

From:  Charles McMillan, 2009 NAR President
             Dale Stinton, NAR Chief Executive Officer

RE:  Omnibus Appropriations Includes Permanent Ban on Banks in Real Estate

 

On Wednesday, 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 Signature
Charles McMillan, CIPS, GRI
2009 NAR President

Dale Stinton, CEO
National Association of REALTORS®

 

Questions or comments? Please email us at presidentsreport@realtors.org.

National Association of REALTORS®
M&BD
430 N. Michigan Ave.
Chicago, IL 60611


As a member of the NATIONAL ASSOCIATION OF REALTORS®, you are entitled to receive the most updated information on the programs, products and services offered by the association.

 


 

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