Agenda Summary
National Association of REALTORS®
2009 Midyear Legislative Meetings
Hilton Washington
Monroe Ballroom
Wednesday, May 13, 2009
8:30 AM - 10:00 AM

Chair: Debbie Tamlin
Vice Chair: Randy Scheidt
Committee Liaison: David Lockwood
Committee Executive: Lisa Brechtel

I. Call to Order and Opening Remarks
Debbie Tamlin, Chair
Randy Scheidt, Vice-Chair

II. Approval of Previous Meeting's Minutes and Review of Conflict of Interest Statement
1. When NAR has an ownership interest in an entity and a member has an ownership interest* in that same entity, such member must disclose the existence of his or her ownership interest prior to speaking to a decision making body on any matter involving that entity.

2. If a member has personal knowledge that NAR is considering doing business with an entity in which a member has any financial interest**, or with an entity in which the member serves in a decision-making capacity*, or wit, then such member must disclose the existence of his or her financial interest or decision making role prior to speaking to a decision making body about the entity.

3. If a member has a financial interest in, or serves in a decision-making capacity for, any entity that the member knows is offering competing products and services as those offered by NAR, then such member must disclose the existence of his or her financial interest or decision-making role prior to speaking to a decision making body about an issue involving those competing products and services.

After making the necessary disclosure, a member may participate in the discussion and vote on the matter unless that member has a conflict of interest as defined below.

Conflict of Interest Policy

A member of any of NAR’s decision making bodies will be considered to have a conflict of interest whenever that member:

1. Is a principal, partner or corporate officer of a business providing products or services to NAR or in a business being considered as a provider of products or services (“Business:); or

2. Holds a seat on the board of directors of the Business unless the person’s only relationship to the Business is service on such board of directors as NAR’s representative; or

3. Holds an ownership interest of more than 1 percent of the Business.

Members with a conflict of interest must immediately disclose their interest at the outset of any discussions by a decision making body pertaining to the Business or any of its products or services. Such members may not participate in the discussion relating to that Business other than to respond to questions asked of them by other members of the body. Furthermore, no member with a conflict of interest may vote on any matter in which the member has a conflict of interest, including votes to block or alter the actions of the body in order to benefit the Business in which they have an interest.

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*Ownership interest is defined as the cumulative holdings of the member, the member’s spouse, children, siblings and to any trust, corporation or partnership in which any of the foregoing individuals is an officer or director, or owns, in the aggregate, at least 50% of the (a) beneficial interest (if a trust), (b) stock (if a corporation) or (c) partnership interests (if a partnership).

**Financial interest means any interest involving money, investments, credit or contractual rights.

III. Legislative and Regulatory Update
Lisa Brechtel, Senior Commercial Legislative and Regulatory Policy Representative

IV. Overview of TALF and PPIP
Representative from Treasury Department

Term Asset-Backed Securities Loan Facility (TALF) is a facility that will help market participants meet the credit needs of households and small businesses by supporting the issuance of asset-backed securities (ABS) collateralized by student loans, auto loans, credit card loans, and loans guaranteed by the Small Business Administration (SBA).

Under the TALF, the Federal Reserve Bank of New York (FRBNY) will lend up to $200 billion on a non-recourse basis to holders of certain AAA-rated ABS backed by newly and recently originated consumer and small business loans.  The FRBNY will lend an amount equal to the market value of the ABS less a haircut and will be secured at all times by the ABS.  The U.S. Treasury Department--under the Troubled Assets Relief Program (TARP) of the Emergency Economic Stabilization Act of 2008--will provide $20 billion of credit protection to the FRBNY in connection with the TALF. 

Public-Private Investment Program -- the PPIP calls for big investors to partner with Uncle Sam to buy up troubled loans and securities in hopes of helping the banking system get back on its feet. It will help remove much of the uncertainty over the value of these toxic assets.

V. Energy Efficiency and Global Climate Change Initiatives
NAR Staff Representative

Reps. Waxman (D-CA) and Markey (D-MA) introduced legislation which develops Energy Star labels for homes and buildings and provides funds to states that implement a labeling program, the “American Clean Energy and Security Act of 2009”. C.A.R. and NAR oppose this legislation as it includes POS which adds unnecessary costs to transactions and has been show to be an ineffective tool for implementing changes in energy efficiency. 

REALTORS® oppose mandatory POS energy labels for buildings and homes, but support legislation that provides financial incentives for energy retrofits, including: H.R. 1778 (Matching Grants) – Rep. Welch (D-VT) and H.R. 1573 (Zero-Interest Loans) – Rep. Van Hollen (D-MD). Energy labels will only stigmatize older properties, causing a loss in home value further weakening the national economy. Labeling every home in America will not, in and of itself, save energy; providing incentives to property owners who make energy improvements will.

VI. Other Business

VII. Adjournment