Bondi affirmed that the enforcement of antitrust legal guidelines could be a “priority” for her as Legal professional Common, which means that the actual property trade needs to be ready for investigations into its practices to proceed in full drive.
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Pam Bondi was grilled by U.S. senators on Wednesday and Thursday of her Senate affirmation hearings to turn into the following U.S. Legal professional Common, addressing quite a lot of lawmakers’ issues from revitalizing the U.S. Division of Justice’s (DOJ) public picture to how she would deal with requests from President Trump and extra.
Senator Chuck Grassley, R-Iowa, quizzed Bondi on how she would implement antitrust legal guidelines in an effort to greatest shield shoppers, a topic that has been top-of-mind for a lot of actual property professionals over the previous few years because the DOJ has nailed huge gamers just like the Nationwide Affiliation of Realtors (NAR) and RealPage for practices that it deems anticompetitive in nature.
“Enforcing antitrust laws is extremely important to ensure that markets are fair and that consumers are protected,” Sen. Grassley stated on Wednesday. “I’ve been active in making sure that the Justice Department and the [Federal Trade Commission] carefully scrutinize mergers and that they look out for anti-competitive behavior and predatory practices. I keep a close eye on these issues as they impact my state of Iowa and particularly agriculture, healthcare and technology industries, and I’m interested in your commitment to make antitrust enforcement a priority.”
Bondi affirmed that she could be dedicated to upholding antitrust legal guidelines as Legal professional Common.
“Antitrust enforcement was a priority when I was a state AG and it will be a priority if I am confirmed as Attorney General,” Bondi stated. “And again, I am so proud to have Gail Slater handling that; she is loved by both sides.”
Slater, who beforehand labored on the FTC, was nominated in December by President Trump to guide the DOJ’s antitrust division.
With the fee lawsuits settlement, NAR and different main corporations within the trade addressed a few of the DOJ’s issues about trade practices, together with growing transparency round how brokers are paid with new contracts and abolishing cooperative compensation, whereby homesellers comply with pay a fee to their vendor’s agent, which is then shared with the agent who brings a purchaser to the transaction.
Nonetheless, the trade continues to stay firmly inside the DOJ’s gaze. With Slater and Bondi asserting their dedication to scrutinizing antitrust practices, actual property needs to be ready for investigations into the trade to proceed.
On Monday, the Supreme Court docket denied NAR’s enchantment request in its case with the DOJ, which implies that the DOJ can reopen its investigation into NAR’s fee and pocket itemizing guidelines. The DOJ has prompt that the Sitzer | Burnett settlement didn’t go far sufficient and that itemizing brokers and sellers shouldn’t be in a position to make pre-emptive provides of compensation to purchaser brokers in any respect — even exterior of the MLS.
Likewise, the DOJ has continued to weigh in on circumstances NAR is concerned in concerning the Clear Cooperation Coverage (together with one levied by defunct low cost brokerage REX), which has spurred a substantial amount of debate within the trade in current months and which NAR’s management workforce is evaluating for doable adjustments.
A renewed dedication to antitrust litigation by the DOJ additionally might impression a major lawsuit towards rental software program maker RealPage and a number of other main landlords, together with Greystar Actual Property Companions, Blackstone’s LivCor, and Cushman & Wakefield. The lawsuit alleges the businesses engaged in a scheme to lower competitors between landlords by utilizing RealPage’s rental pricing algorithm, which it claims harmed renters and resulted in elevated hire costs for shoppers.
One of many fundamental themes to return out of the affirmation hearings was the significance of restoring public belief within the DOJ and depoliticizing the division, a degree made a number of occasions by senators on each side of the aisle.
“The concern is that weaponization of the Justice Department may well occur under your tenure,” Senator Sheldon Whitehouse, D-R.I., stated.
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