Community Choice in Real Estate Act
Latest action · Jan 26, 2007 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJan 26, 2007
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Community Choice in Real Estate Act - Amends the Bank Holding Company Act of 1956, and the Revised Statutes of the United States, to prohibit the Board of Governors of the Federal Reserve System and the Secretary of the Treasury, respectively, from determining that real estate brokerage activity or real estate management activity is financial in nature, is incidental to any financial activity, or is complementary to a financial activity. (In effect, prohibits financial holding companies and national banks from engaging, directly or indirectly, in real estate brokerage or real estate management activities.)
Exempts from such prohibition: (1) activities of a bank holding company (or any affiliate) that directly relate to managing any real property owned by national banks or their affiliates; and (2) the right, power, or ability of any financial holding company to engage in any activity, or acquire or retain the shares of any company engaged in an activity authorized for financial holding companies on December 6, 2001 ("grandfather clause").
Cosponsors 22
Members who signed on, in the order they did. Signatures ran from Jan 26, 2007 to Jan 31, 2008, with 12 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| I-VT | Bernard Sanders | Original | Jan 26, 2007 |
| D-NM | Jeff Bingaman | Original | Jan 26, 2007 |
| R-NV | John Ensign | Original | Jan 26, 2007 |
| D-CT | Joseph I. Lieberman | Original | Jan 26, 2007 |
| D-WA | Maria Cantwell | Original | Jan 26, 2007 |
| R-ME | Olympia J. Snowe | Original | Jan 26, 2007 |
| R-NC | Richard Burr | Original | Jan 26, 2007 |
| D-AL | Richard C. Shelby | Original | Jan 26, 2007 |
| D-WI | Russell D. Feingold | Original | Jan 26, 2007 |
| D-OH | Sherrod Brown | Original | Jan 26, 2007 |
| D-IA | Tom Harkin | Original | Jan 26, 2007 |
| R-CO | Wayne Allard | Original | Jan 26, 2007 |
| R-GA | Johnny Isakson | Jan 29, 2007 | |
| D-NJ | Frank R. Lautenberg | Feb 1, 2007 | |
| D-MD | Benjamin L. Cardin | Feb 7, 2007 |
Actions 2
Everything that happened, newest first.
- Jan 26, 2007Introduced in Senate
- Jan 26, 2007Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 111 | Community Choice in Real Estate Act | Identical bill | Jan 4, 2007 |
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- Jan 26, 2007Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.