NAR: Federal Regulatory Reform Needed
The National Association of REALTORS says it supports President Obama’s move to develop a comprehensive financial regulatory reform framework, which the president announced on Wednesday.
“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,” says NAR President Charles McMillan. “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.”
NAR also supports elements of the proposal that will strengthen the national policy against mixing banking and commercial activities.
“Regulatory reform will be a monumental undertaking,” McMillan says. “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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