STILL IN THE FIGHT

An amendment in a spending bill being considered by the Senate Appropriations Committee would prevent the U.S. Treasury Department from issuing a final rule allowing banks to engage in real estate brokerage activities. The National Association of Realtors supports the move and has been successful in getting the provision blocked every year since 2000. However, American Bankers Association chief lobbyist Floyd Stoner sent a letter to committee chairman Robert Byrd (D-W. Va.) labeling the amendment “anti-consumer and anti-competitive,” calling it a reversal of “a core provision” in the 1999 Gramm-Leach-Bliley Act.

Source: American Banker (07/11/07) P. 3; Kaper, Stacy
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