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110th Congress Indroduces the Community Choice in Real Estate Act |
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From Exit_Realtor
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Enactment of H.R. 111 would keep real estate brokerage and management
clearly defined as commercial activities and not financial matters, ensuring
that the separation of banking and commerce continues as mandated by
the Gramm-Leach-Bliley Act.
Without passage of this legislation, we are concerned that national bank
conglomerates will continue their attempts to enter into the real estate
industry, putting both competition and the nation’s economic health at risk.
The U.S. economy depends on a strong real estate market and a healthy banking
industry. However, attempts by the Federal Reserve and Treasury to
redefine real estate as a financial activity would have harmful effects resulting in less competition, higher costs for consumers, and give competitive advantages to the banks.
The following summary is provided by the Congressional Research Service,
which is a government entity that serves Congress and is run by the Library of Congress.
109th U.S. Congress (2005-2006)
H.R. 111: Community Choice in Real Estate Act
To amend the Bank Holding Company Act of 1956 and the Revised Statutes of
the United States to prohibit financial holding companies and national banks
from engaging, directly or indirectly, in real estate brokerage or real estate management activities, and for other purposes.
1/4/2005--Introduced in the 110th U.S. Congress
Community Choice in Real Estate Act - Amends the Bank Holding Company Act of 1956, and the Revised Statutes of the United States, to prohibit the Board of Governors of the Federal Reserve System and the Secretary of the Treasury, respectively, from determining that real estate brokerage activity or real estate management activity is financial in nature, is incidental to any financial activity, or is complementary to a financial activity. (In effect, prohibits financial holding companies and national banks from engaging, directly or indirectly, in real estate brokerage or real estate management activities.)
Exempts from such prohibition: (1) activities of a bank holding company (or any affiliate) that directly relate to managing any real property owned by national banks or their affiliates; and (2) the right, power, or ability of any financial holding company to engage in any activity, or acquire or retain the shares of any company engaged in an activity authorized for financial holding companies on December 6, 2001 ("grandfather clause").
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Current Inventory 
