WASHINGTON,
D.C. – U.S. Representative Jan Schakowsky (D-IL) today joined with members
of the Congressional Black Caucus, the Hispanic Caucus, and community advocates
to send a message to Congress – stop the attack on the Community Reinvestment
Act (CRA).
Schakowsky,
a member of the House Banking Committee, said, "The Community Reinvestment
Act is a success. Neighborhoods have prospered, communities have
flourished, small businesses have succeeded and the quality of life for
many has improved as a direct result of the CRA. Any attempt to weaken
it is irresponsible and flat out wrong."
The
House is expected to vote next month on the Financial Services Act (HR
10). Schakowsky called on her colleagues to support efforts to strengthen
CRA provisions in HR 10 through the amendment process and to oppose
any attempts to weaken it. Schakowsky will support amendments to
extend the CRA to non-banks offering bank-like financial services.
The
Senate recently passed a version of HR 10 that severely undermines and
weakens the Community Reinvestment Act.
From
1992 to 1997, Chicago has seen a 65% increase in the number of loans approved
to buy a home. From 1995 to 1997, there was a 42% increase in the
number of loans available to households earning less than $42,000, and
39% and 20% increase in the number of mortgages to African Americans and
Latinos, respectively.
Schakowsky
added, "The Community Reinvestment Act has made a difference in the lives
of families throughout our nation. Yet, the CRA is under attack.
It is under attack from those who have the best interest of the special
interests in mind. Stop the attack and do the right thing:
vote to expand and strengthen the Community Reinvestment Act."
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