Political Quotes

“despite the rosy picture of unprecedented wealth on Wall Street and the strong performing economy for some Americans, many Americans still face social and economic problems. As conferees prepare to negotiate H.R. 10, the Financial Services Act of 1999, there are two ways that the conferees can help to eliminate the unfortunate predicament of America's less fortunate persons. First, conferees must take an uncompromising position on strong Community Reinvestment Act language. The Community Reinvestment Act was enacted in 1977 to cure the lingering effects of past discrimination and to revitalize decaying American neighborhoods, to help Americans realize the dream of home ownership. CRA has led to over $1 trillion in loans to low- and moderate-income communities. However, language in the Senate's financial services modernization bill, S. 900, threatens to undermine the progress of community revitalization. The Senate bill undermines the Community Reinvestment Act by weakening the CRA enforcement provisions in H.R. 10, eliminating the ability of community groups to participate in the CRA review process, and by providing unconscionable small bank exemptions that would cause harm to rural communities. Conferees must be strong on CRA. Americans deserve nothing less.”