Realty battle put on hold
Northwestern Financial Review, May 15-May 31, 2002
The Treasury Department and the Federal Reserve Board are delaying until next year action on rules that would allow banks to engage in real estate management and brokerage. The decision - announced in a letter Treasury Secretary Paul O'Neill sent House Financial Services Committee Chairman Michael G.
Oxley (R-Ohio) - further draws out one of the biggest fights for the financial services industry and raises questions about political interference with regulatory decisions. "Since this determination regarding real estate brokerage establishes a precedent under which future determinations will be made, it is incumbent on us to carefully review all the issues," Oxley wrote.
Copyright NFR Communications Inc May 15-May 31, 2002
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