Political Quotes

“I thank the ranking member for the time. Madam Speaker, I rise today in opposition to H.J. Res. 90, but I rise in support of the Community Reinvestment Act. And I rise in support of the goal of CRA, for a fair and more equitable treatment of financial investment, particularly in low- and moderate-income areas of our communities. This resolution overturns the updated Community Reinvestment Act regulation before it has even had a chance to take effect. Speaking purely from a procedural standpoint, this resolution, in my view, Madam Speaker, is not necessary. We could be spending time on the House floor today in a much more productive way to advance the economy. The Office of the Comptroller of the Currency has gone through a rigorous Administrative Procedure Act process. I think our constituents should know they have conducted outreach since 2017, 3 years, and have taken all that into consideration, the Federal Reserve data, Treasury recommendations, and have conducted both advanced notice for proposed rulemaking and a notice of proposed rulemaking, and received 7,500 comments. The final rule ended up incorporating much of this serious and constructive criticism received from all stakeholders, notably, our community groups. Banks have been complying with the Community Reinvestment Act for years. This is not a new rule, Madam Speaker. This rule is simply being updated to reflect the current economic and banking conditions in our country.…”