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, 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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