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WASHINGTON – The Federal Reserve and Treasury Department are continuing to consider a proposed rule to allow banks to get involved in real estate brokerage and management services, but House Financial Services Committee Chairman Michael Oxley (R-Ohio) today expressed his support for the regulatory process in the Gramm-Leach-Bliley Act and said “legislative attempts to stymie the rulemaking process are counterproductive and undermine the future of any legislation that relies on the expert judgment of regulators.” Oxley said “legislation seeking to prevent them (Fed and Treasury) from acting is contrary to the intent of Gramm-Leach-Bliley.” One of the provisions of GLB is a mechanism allowing the Fed and Treasury to periodically update a list of permissible activities for financial holding companies and national bank subsidiaries. But the Fed and Treasury are evaluating whether banks’ involvement in real estate brokers and management services should be considered a permissible activity under GLB. “Congress should not pass legislation only to challenge its concepts once it is sent to the agencies for implementation,” said Oxley. “The Gramm-Leach-Bliley Act was ground-breaking legislation that forever changed the landscape of financial regulation in the United States. Its concepts were carefully considered and balanced. The rulemaking process by the Fed and the Treasury – as set in law by the Act – should be allowed to take its course without legislative interference,” said the House Financial Services Committee chairman.

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