John Sarbanes: “Dear Paul: I would appreciate your reading this letter into the Congressional Record at the appropriate time during the…”

“Dear Paul: I would appreciate your reading this letter into the Congressional Record at the appropriate time during the debate on the Credit Union bill. I am totally opposed to the Shelby amendment which would exempt small banks from the Community Reinvestment Act and take strong exception to the thrust of his 'Dear Colleague' letter which quotes my remarks as the author of CRA and the Chairman of the Banking Committee at some length. Throughout my 32 year career in the Senate I championed the cause of the independent small banks of America. In my home state of Wisconsin they represented an important constituency. As Chairman of the Banking Committee from 1975-1980 and 1987-1989 and a member of the Committee from 1957-1989 no one fought harder to protect their interests. I count the enactment of CRA as one of the achievements of which I am most proud. I introduced CRA in 1977 because banks receive significant public benefits, such as federal deposit insurance and access to the Federal Reserve Board's discount window.”