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Industry News

Big Bucks Fighting Big Banks

February 11, 2002

Realtors? Group Launches Advertising Campaign In Effort To Ban Banks From Brokerage


Inman News Features

The National Association of Realtors today launched a multi-million-dollar advertising campaign to encourage members of Congress to cosponsor the Community Choice in Real Estate Act, which would prevent commercial banks from operating as real estate brokerages.

The campaign has begun with a series of advertisements in newspapers in the Congressional districts represented by nine members of the U.S. House of Representatives Financial Services Committee.

The New York Times, Omaha World Herald, Orange County Register, San Antonio Express-News and The Oregonian are among the newspapers that carried the ads, which urge constituents to call members of Congress and ask them to "do the right thing" and cosponsor the legislation.

Banks are seeking permission to sell and manage real estate through a regulatory change proposed by the Federal Reserve and U.S. Treasury Department. Legislation pending in Congress would block that from happening.

Copyright: Inman News Service



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