To: L-Team, Regional Vice Presidents, Liaisons, State Presidents, State President-Elects,
From: Charles McMillan, 2009 NAR President
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.
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!
Dale Stinton, CEO
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