White House plans to track CRE

 

Jared Berstein said the U.S. White House would keep a close eye on the commercial real estate sector amid current uncertainty in the financial industry.  Bernstein is the nominee for the next chair of the Council for Economic Advisers. During his confirmation hearing before the Senate Banking Committee, he said the issue is on the White House's watch list and tracked carefully.  Regional banks, which accounted for 70%-80% of the commercial real estate loan originations in the past cycle, are expected to reduce risks after recent bank failures.  Bernstein commented that the measures taken by the White House and the Federal Reserve to control the crisis helped to stabilize the system and should help ease stressors.  He was nominated for the post after the incumbent, Cecilia Rouse, stepped down last month.