WASHINGTON --The United States Senate Committee on Appropriations adopted an amendment to the FY2008 Financial Services and General Government Appropriations Bill that permanently prohibits national bank conglomerates from engaging in real estate brokerage and property management.

"Today's action in the Senate was a great team effort," said NAR Senior Vice-President of Government Affairs Jerry Giovaniello. "REALTORS across the country, state and local association staff and our NAR staff in Washington, DC joined forces to achieve this victory."  "Our long-time REALTOR Champions in the U.S. Senate, including Senators Hillary Clinton (D-NY), Richard Durbin (D-IL), Wayne Allard (R-CO) and Richard Shelby (R-AL) were instrumental in passing the amendment," , Giovaniello said. "New champions on the Banking Issue, particularly Majority Leader Harry Reid (D-NV) and Senator Chris Dodd (D-CT), were very involved in passing this amendment.

Earlier this summer, the House of Representatives passed their version of the legislation containing a one-year  moratorium.  The two bills will go to conference in September to develop the final bill.also  who  to work out a final bill.