We need to make our voices heard. You need to speak with your State Senators and insist that they sign Senate Bill 413. Contact your congressmen to sign onto HR111 in the House.
Congress established a national policy against mixing banking and commerce. Allowing banks to enetr the real estate brokerage industry is inconsistent with this policy and would likely lead to concentration of market power, conflicts of interests, and unfair competitive advantages for banks.
The Federal Reserve Board and the Treasury Department have proposed regulations authorizing banks to engage in the real estate brokerage businesses. These rules would give banks too much power, allowing them to monopolize the real estate brokerage business just as they have monopolized the banking industry. There is already concern that banks are becoming too powerful and the largest virtually impossible to regulate. If banks are given the green light to become real estate brokerages, they will have an awesome amount of unfettered control over our nations financial health.
Call you or email your US Congress person and US Senator and tell them to keep banks out of real estate.
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