Nar Asks New Fed Chair to Maintain Separation of Banking & Commerce
U.S. Newswire › February 02, 2006
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Summary
WASHINGTON, Feb. 2 /U.S. Newswire/ -- The separation of banking and commerce is one of our nation's most fundamental economic policies, the president of the National Association of Realtors(r) said today in a hard-hitting letter to Ben Bernanke, the new chairman of the Federal Reserve Board of Governors.
Realtors(r) are specifically troubled about several regulatory actions that would lead to the mixing of banking and commerce. NAR is deeply concerned about the pending application before the Federal Deposit Insurance Corp. (FDIC) from Wal-Mart for an industrial loan company (ILC) charter.See the full content of this document
Extract
Nar Asks New Fed Chair to Maintain Separation of Banking & Commerce
"When commercial firms are allowed to engage in banking, the bank functions under an inherent and irreconcilable conflict of interest," said NAR President Thomas M. Stevens of Vienna, Va.
NAR agrees with numerous banking organizations and bank...See the full content of this document
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