One-Year Curb on Banks in Real Estate Enacted

In early December, President Bush signed the Transportation, Treasury, and U.S. Department of Housing and Urban Development fiscal year 2007 spending bill. The bill contains a one-year prohibition against the Federal Reserve Board and U.S. Treasury Department proposal that would allow the big banking conglomerates to operate real estate brokerage, leasing, and property management businesses. This is the fourth consecutive year that Congress has enacted the prohibition. The National Association of REALTORS® strongly supports the prohibition.   