The bill is H.R. 111, and is entitled the "Community Choice in Real Estate Act." The bill was introduced this past Thursday by Congressman Paul Kanjorski, Democrat from Pennsylvania and Congressman Ken Calvert, Republican from California. The bill received fifty cosponsors on the first day the new congress was in session.
Representatives Calvert and Kanjorski will partner with the NAR towards the passage of the bill. Calvert and Kanjorski worked together to garner bipartisan support for H.R.111.
In the past, NAR has shown support for the ensuring that banks remain impartial credit providers while not having complete control of all parts of the real estate transaction process. NAR has repeatedly stressed the importance of this to Congress. NAR believes that a result of the granting of real estate brokerage into the hands of banks would only lead to fewer choices and increased costs.
The NAR believes that Realtors are there to provide consumers with the extensive personal attention that the lengthily process of the buying a home. Furthermore, NAR believes that it would be difficult for the banking industry to provide that level of service.
What Bill H. R. 111 is intended to accomplish
The enactment of H.R. 111 would define real estate brokerage as a commercial activity, not financial; ensuring the continued separation of commerce and banking as originally mandated by the Gramm-Leach-Bliley Act.
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