06/20/2005
The question of whether banks should be allowed to deal in real estate has come up in the House of Representatives for the fifth year in a row. A majority of House lawmakers have cosponsored legislation that would keep big banks from getting involved in real estate brokerage or property management.
Two-hundred-and-thirty-one House members have pledged their support for the Community Choice in Real Estate Act, H.R. 111, introduced to the 109th Congress by Reps. Ken Calvert (Calif.–Dist. 44) and Paul Kanjorski (Pa.–Dist. 11). Sens. Wayne Allard (Colo.), Hillary Rodham Clinton (N.Y.) and Senate Banking Committee Chairman Richard Shelby (Ala.) introduced the Senate version, S. 98, and 25 senators have signed onto the bill.
These lawmakers and NFIB support this bill to protect free competition in the real estate marketplace.
“Small businesses are the leaders in our hometowns, leaders in job creation in America and the answer to a strong economy,” said Dan Danner, NFIB’s executive vice president for public policy and political. “It's important to remember that small real estate firms are the backbone of their industry today.”
