"We believe that letting financial holding companies and national bank subsidiaries enter the real estate brokerage, leasing and property management industries would have wide-ranging, adverse market effects--including a decline in competition, consumer choices and quality of service," Edwards told committee members.

The US Department of Treasury and Federal Reserve Board delayed its decision on banks' petition until next year, thereby leaving Congress with an opportunity to act legislatively. Speaking to NAR members at the organization's Midyear Legislative Meetings & Trade Expo, Clinton reiterated the negative ramifications of banks becoming involved in the industry and added, "the Federal Reserve should not have the authority to allow banks to enter real estate.