Other Federal Legislation Archive

Cybersecurity

Derivative Legislation and Regulation

Legislative Text and History

Nareit Analysis and Action

Proposed Regulations

Congressional Hearings

Card Check Legislation

The Employee Free Choice Act (H.R. 800, S. 1041), or EFCA, also known as the “Card Check” Bill, is expected to be a top legislative issue during the 111th Congress. The proposal would replace the current process for an individual deciding on whether or not to join a union from using a private ballot to simply signing a card. Once a majority of workers sign cards, a union would be authorized to organize. In addition, in a departure from traditional private sector contract law, EFCA would authorize a government arbitrator to impose a two-year contract on employers and employees even if neither party consents to the contract terms.

Nareit supports the efforts of the Coalition for a Democratic Workplace (CDW), a coalition of workers, employers, association and organizations, who are working to protect the right to a federally supervised private ballot during union organization campaigns, and preserve the sanctity of agreements reached during good faith negotiations under the current collective bargaining laws without the imposition of mandatory binding arbitration.

For more information on the Coalition’s efforts, visit the CDW website.

Recent News Items:

Emergency Economic Stabilization Act of 2008

Risk Retention

Recent Developments

Credit Crisis/TALF

Nareit leads industry efforts to restore liquidity in the credit markets and confidence in the financial system to bring stability to the economy and ensure that real estate credit markets return as soon as possible to a functional state.

Derivatives Legislation

Legislative Text and History

Proposed Regulations

Nareit Analysis and Action

Congressional Hearings

Emergency Economic Stabilization Act of 2008

Regulation D Reform

On May 20, 2010, the Senate adopted S. 3217, the "Restoring American Financial Stability Act of 2010," a comprehensive financial regulatory reform legislation, by a vote of 59-39. Prior to final passage, the Senate adopted an amendment, advocated by Nareit, to preserve the federal preemption from state registration requirements of private placement offerings of securities.

Beginning in April, Nareit worked with a broad-ranging group of business organizations to apprise senators of the negative impact that Section 926 of S. 3217 would have on the ability of companies to raise capital from private sources. As initially written, Section 926 would have allowed the states to impose their own set of regulations on private offerings of securities. On May 17, during floor consideration of S. 3217, the Senate unanimously adopted a bipartisan amendment offered by Senator Kit Bond (R-MO) and Senate Banking Committee Chairman Christopher Dodd (D-CT), to modify Section 926 and require the Securities and Exchange Commission to issue rules within a year that will disqualify felons and bad actors from participating in Rule 506 offerings. In addition, the Bond/Dodd amendment includes changes to Section 412 of S. 3217 regarding the standards for "accredited investors" in private placements.

The House financial regulatory reform bill, H.R. 4173, the "Wall Street Reform and Consumer Protection Act of 2009," which passed the House in December 2009, does not include any reference to Regulation D or "accredited investors." This means a House-Senate Conference Committee, which will soon convene to reconcile the differences between the two bills, will either include the amended language of Senate Sections 926 and 412, or leave it out from the final version of the bill.

Recent News Items

Additional Information

 

- NAREIT members only. Please log in at the prompt or click here for membership information.