Realtors® Recognize Need for Financial Regulatory Reform

The following is a statement by National Association of Realtors® President Charles McMillan:

“NAR and our 1.2 million members commend President Obama for developing a comprehensive financial regulatory reform framework. As we have repeatedly noted, it is important to have strong supervision and regulation of the nation’s financial system to ensure we never again find ourselves in this current financial and housing turmoil.

“Rebuilding consumer trust in the various markets is important to an economic recovery, and Obama’s proposed Consumer Financial Protection Agency offers the potential to regulate and protect consumers from fraud, predatory lending and other deceptive practices. We look forward to working with Congress and the administration to shape such an organization.

“NAR also appreciates elements of the proposal that will strengthen the national policy against mixing banking and commercial activities. This safeguard is in the best interest of consumers and the nation’s economy.

“Regulatory reform will be a monumental undertaking. NAR looks forward to working with our members, Congress, and the administration to craft a final product that allows for efficient, competitive, and innovative markets while providing consumers the protection they need and deserve.”

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