WASHINGTON – A few days before Congress adjourned for the Christmas holiday, Sen. Wayne Allard (R-Colo.), a member of the Senate Banking Committee, introduced Senate Bill 1839 that would block amend the Bank Holding Company Act of 1956 and block financial holding companies and national banks from participating in real estate brokerage or management activities. Sen. Richard Shelby (R-Ala.), also a member of the Senate Banking Committee, along with Sens. Russ Feingold (D-Wis.) and Hillary Rodham Clinton (D-N.Y.) co-sponsored the measure. S.B. 1839 is linked to House Bill 3424 – Community Choice in Real Estate Act of 2001 – that was introduced by Reps. Paul Kanjorski (D-Pa.) and Steve LaTourette (R-Ohio), both members of the House Financial Services Committee, and Ken Calvert (R-Calif.), and The Federal Reserve Board and the Treasury wrote the proposed rule as part of the Gramm-Leach-Bliley Act. Supporters of the bills argue that Congress never intended to allow banks to participate in real estate services. – [email protected]