7.20.07   Senate Appropriations Committee Approves Permanent Ban on Banks in Real Estate On July 12, 2007, the Senate Appropriations Committee approved a bill that permanently prohibits national bank conglomerates from entering the real estate brokerage, property leasing and management business. This is the fourth year that the Senate Appropriations Committee has supported the permanent ban provision. The full Senate is expected to consider the bill when it returns from August recess. Earlier in June, the U.S. House of Representatives approved a one-year provision prohibiting the Federal Reserve and Treasury Department from finalizing a rule allowing banks to engage in real estate brokerage and management. Once the Senate passes its bill, NAR will urge conferees to keep the Senate “permanent ban” language in the final bill. Earlier this week, Rep. Paul Kanjorski (D-PA) – lead sponsor on H.R. 111, the bill to keep banks out of real estate – wrote an op-ed defending the case to keep banks out of real estate. This piece has reached every Member of Congress and is an excellent educational tool on the issue. Please take a moment to read it by clicking here.