Political Quotes

“I submit the following letters to be included in the debate on H.J. Res. 90. The following letters express support for H.J. Res. 90. National Community Reinvestment Coalition, June 23, 2020. House of Representatives, U.S. Capitol, Washington, DC. Dear Representative: On behalf of the undersigned organizations, we are writing to urge you to cosponsor and support H.J. Res. 90, a disapproval resolution that would overturn a poorly constructed rule change on the Community Reinvestment Act (CRA) hastily finalized in May, days before Comptroller Otting's resignation from the agency, and published this month. At the outset, it is critical to note that the Trump Administration is split on the CRA final rule. With a lack of interagency coordination among the nation's bank regulators, different banks will be held to different reinvestment standards depending on their regulator--an outcome that both banks and advocates have cautioned against. Federal Reserve Chairman Jerome Powell testified just last week that he expects the agency to move forward with CRA updates intended to garner ``broad support among the community of intended beneficiaries'' something he considers to be ``one non- negotiable condition for it.'' The OCC's final rule achieved no such support or consensus. The vast majority of public comments--about 90 percent--opposed the CRA evaluation measure and presumptive ratings framework that remains at the heart of the final rule, but the OCC adopted it anyway.…”