Claiborne Pell: “I wish to note an event which occurred earlier today here in the Capitol; namely, the unveiling of a comprehensive and…”

“I wish to note an event which occurred earlier today here in the Capitol; namely, the unveiling of a comprehensive and precedent setting new lending program by Fleet Bank, an institution which is headquartered in my home State of Rhode Island. This program, called Fleet INCITY, will provide over $8 billion in loans and credit assistance to low- to moderate-income homeowners and small businesses located in distressed inner cities of the northeast. This extraordinary commitment of money and resources to these underserved communities will mean that those who are too often left out, chiefly minorities and the economically disadvantaged, will be able to secure the credit and opportunity necessary to establish an independent and viable existence for themselves. It means that Fleet Bank is committing itself to the futures of revitalizing the inner cities of communities in Providence and Pawtucket. It means that homeowners in Central Falls, Woonsocket, Westerly, and Newport that had been locked out of the home mortgage market will not have access to it. And with this community development and individual self-improvement will come the economic growth and rising self-esteem which is sorely needed as we try to find the answer to reversing the trend of decay and despair in our inner cities.”