WASHINGTON,
D.C. – U.S. Representative Jan Schakowsky (D-IL) today joined Representatives
Tom Barrett (D-WI) and Luis Gutierrez (D-IL), sponsors of the CRA Modernization
Act, at a news conference to announce the introduction of the legislation.
Other members, representatives from the National Community Reinvestment
Coalition, U.S. Conference of Mayors, and Housing Assistance Council, and
a first-time homebuyer, who benefited from the Community Reinvestment Act
(CRA), also participated in the today’s event.
Below
is Representative Schakowsky’s statement.
“I
am very pleased to be here today with Representatives Barrett and Gutierrez,
true leaders in the fight to expand the Community Reinvestment Act.
I am proud to be an original cosponsor of their bill, the CRA Modernization
Act.
“Over
the years, CRA has weathered many attacks and has stood against attempts
to weaken it. The Community Reinvestment Act has been a resounding success.
And now we have more proof than ever that the CRA is a blessing for millions
of families and small businesses. The Federal Reserve Board has just
released a report, which found that CRA is working well in our communities,
helping families buy their first home, assisting small business owners,
and expanding community development. It also found that CRA is profitable
to banks and lending institutions.
“Some
of us attempted to expand and modernize CRA during the debate on the financial
modernization bill. However, that transaction was denied. That is
why I believe the next logical step is to pass the CRA Modernization Act
to ensure that communities continue to flourish, neighborhoods continue
to prosper, and small businesses continue to succeed. In this brave
new world of financial conglomerates, consumers who rely on CRA need and
must be protected. The CRA Modernization Act would ensure that these
new conglomerates can’t hide from their CRA responsibilities. This
bill will also extend CRA-like requirements to insurance companies, non-depository
lending institutions, and securities firms.
“This
Congress went the extra mile to give banks, insurance companies, and securities
firms a financial modernization bill. The time has come to do the
same for millions of families, small business owners, and communities and
modernize and expand the Community Reinvestment Act.” |