Statements on Introduced Bills and Joint Resolutions

STATEMENTS ON INTRODUCED BILLS AND JOINT RESOLUTIONS

Mr. ALLARD. Mr. President, I would like to make a few brief comments about legislation I am introducing today. I also will talk briefly about some of the agenda items I have been looking at for this year. Obviously, having just been sworn into office today, we are putting together our agendas and beginning to think seriously about what kind of issues we would like to put forward.

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The people of Colorado understand that, as we move into this session, my priority is the cleanup of a number of our Superfund sites in Colorado, staying on track with the cleanup of Rocky Flats by 2006, cleaning up the Shattuck waste site, as well as the cleanup of Pueblo Depot.

I will also be working on transportation issues which are important to States such as Colorado, Wyoming, the home State of the presiding officer, as well as throughout the country. Transportation will be a big issue as we move into this session.
Another issue I have spoken about is housing, which we will be dealing with in this session. I also plan to focus on missile defense and judiciary nominations.

The legislation I rise today to introduce is called the Community Choice In Real Estate Act of 2003. I am pleased to have Senators CLINTON, SHELBY, FEINGOLD, BURNS, SESSIONS, and HARKIN join me in introducing this bill. This is something I am doing as part of the effort to keep the housing markets competitive and strong.

The Community Choice in Real Estate Act of 2003 is the continuation of an effort that I began in the 107th Congress. This bill would clarify Congressional intent that real estate brokerage and management are not financial activities and would therefore retain the separation of commerce and banking that we intended during consideration of the Gramm-Leach-Bliley Act.

The Gramm-Leach-Bliley Act closed the unitary thrift loophole that allowed a single savings and loan to be owned by a commercial entity. This clearly established that banking and commerce were not to mix. Congress explicitly defined several functions to be financial in nature or incidental to finance to clarify the separation. Real estate management and brokerage services were not defined as financial activities.

Congress already established a clear position regarding banks' involvement in real estate management and brokerage activities, and the bill I'm introducing with my colleagues would reiterate that prohibition. I believe that we should not permit federal regulators to preempt the intent of Congress.

The real estate and banking industries have served America well, and I believe that the current system provides consumers with many important options. I know that the regulators received many letter during the comment period. I commend them for taking the time to allow all interested parties to comment and for their pledge to carefully review all comments. I intend to continue to work with them to ensure that Congressional intent is followed in this matter.

Realtors play a vital role in our economy, and housing has been one of the bright spots in our otherwise slow economy. Realtors are an integral part of the housing industry share in the credit for this positive economic news.

Additionally, Realtors help fuel the economy as small businesses. As a small businessman myself, I can appreciate the challenges of starting and running a small business. As a U.S. Senator I have worked hard to reduce rules and regulations hindering small businesses, as well as excessive taxes. The Community Choice in Real Estate Act of 2003 will ensure that small real estate businesses are able to continue to thrive.

Mr. President, I urge the Senate to promptly consider this matter, and I would ask unanimous consent that the text of the bill be printed in the Record.