Herb Kohl: “I rise today to express my strong support for S. 1275, the Community Development, Credit Enhancement, and Regulatory…”

“I rise today to express my strong support for S. 1275, the Community Development, Credit Enhancement, and Regulatory Improvement Act. Let me begin by commending the managers of the bill--Chairman Riegle and Senator D'Amato--for their work on this important measure. They have crafted a comprehensive, balanced, and effective piece of legislation that will help communities and businesses help themselves. Let me tell you why I support this legislation. First, the community development fund created by this bill will help community banks and credit unions provide credit to the businesses that build and sustain communities. As a former businessman, I know well that communities are built on jobs. Jobs that are provided by community based businesses. And the community development fund will help traditional lenders and financial institutions provide job creating credit where it is most needed. Furthermore, this legislation will achieve that goal by utilizing existing community banks, credit unions and other financial institutions, rather than creating massive new Federal bureaucracies.”