NAR Launches Third Wave Of Ad Campaign To Support Community Choice In Real Estate Act

Business Wire, Feb 22, 2002

Business Editors

WASHINGTON--(BUSINESS WIRE)--Feb. 22, 2002

The National Association of Realtors(R) today launched the third wave of a multi-million dollar, multi-media advertising campaign to encourage members of Congress to cosponsor the Community Choice in Real Estate Act, which would prevent large banking conglomerates from taking over locally owned and operated real estate companies.

Ads appear today in the hometown newspapers of 13 influential members of Congress: Reps. Mike Bilirakis (R-Fla.), Mike Capuano (D-Mass.), Bob Ehrlich (R-Md.), Mike Ferguson (R-N.J.), John Hostettler (R-Ind.), Eddie Bernice Johnson (D-Texas), Frank Lucas (R-Okla.), Karen McCarthy (D-Mo.), Ed Pastor (D-Ariz.), Jim Ryun (R-Kan.), John Shadegg (R-Ariz.), Bart Stupak (D-Mich.) and Pat Toomey (R-Pa.).

Newspapers that carried the ads include today's Arizona Republic, Baltimore Sun, Boston Globe, Daily Oklahoman, Dallas Morning News, Kansas City Star and St. Petersburg Times. The ads urge constituents to call their member of Congress and ask him or her to "do the right thing" and co-sponsor the Community Choice in Real Estate Act. "H.R. 3424 will keep the personalized service consumers now receive from their local neighborhood real estate professionals...We need the support of strong (congressional) leaders so that consumers and local communities will win," the ads read.

NAR kicked off the ad campaign Friday, Feb. 8, with ads in nine different congressional districts. Wave two of the ad campaign followed last Friday, Feb. 15, with ads in 13 additional congressional districts. Including today's placements, newspaper ads will have run in a total of 35 congressional districts to date.

"Over 165 members of Congress have signed onto the Community Choice in Real Estate Act, which goes to show that there is broad, bipartisan support in Congress for keeping large banks out of real estate brokerage and property management," said NAR President Martin Edwards Jr. "It's obvious that many members of Congress understand that if big banking conglomerates are allowed to gobble up local real estate firms, consumers and small communities would face fewer choices, higher loan costs and less competition. We simply cannot afford to let the real estate market become dominated by a handful of large banking conglomerates whose primary goal is to cross-sell various financial products, not to help people attain the American dream of homeownership."

Big banking conglomerates are seeking permission to sell and manage real estate through a proposed regulation before the Federal Reserve Board and the Treasury Department. However, the proposed rule is contrary to what Congress intended when it passed financial services modernization legislation called the Gramm-Leach-Bliley Act in 1999. The Community Choice in Real Estate Act (H.R. 3424 and S. 1839) clarifies congressional intent to preclude any such action by the Federal Reserve or Treasury.

Over 165 members of the House have signed onto the bill since it was introduced in December by U.S. Reps. Ken Calvert (R-Calif.), Paul Kanjorski (D-Pa.) and Steven LaTourette (R-Ohio). U.S. Sens. Wayne Allard (R-Colo.), Hillary Rodham Clinton (D-N.Y.), Russell Feingold (D-Wis.) and Richard Shelby (R-Ala.) introduced a companion bill last December.

The National Association of Realtors(R), "The Voice for Real Estate," is America's largest trade association, representing approximately 800,000 members involved in all aspects of the residential and commercial real estate industries.

Information about NAR is available at http://www.realtor.org. This and other press releases are posted in the Web site's "News Release" section.