[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 163 Introduced in Senate (IS)]

103d CONGRESS
  1st Session
S. RES. 163

To express the sense of the Senate regarding positive consideration of 
crime fighting activities by financial institutions under the Community 
                       Reinvestment Act of 1977.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

            November 10 (legislative day, November 2), 1993

Mr. Pryor (for himself, Mr. Bumpers, Mr. Lieberman, Mr. Boren, and Mr. 
Hollings) submitted the following resolution; which was referred to the 
            Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                               RESOLUTION


 
To express the sense of the Senate regarding positive consideration of 
crime fighting activities by financial institutions under the Community 
                       Reinvestment Act of 1977.

Whereas the United States is experiencing an explosion of violent crime that is 
        destroying families, devastating communities, and causing senseless loss 
        of life;
Whereas banks, savings associations, and other financial institutions are 
        important community institutions that can assist in fighting the causes 
        of violence and in preventing crime by providing credit and investments 
        in high crime neighborhoods;
Whereas activities undertaken by financial institutions that help to fight the 
        causes of violence and to prevent crime are important community 
        investments and should be recognized as such in the implementation of 
        the Community Reinvestment Act of 1977; and
Whereas it is the purpose of this resolution to encourage financial institutions 
        to provide credit and to make investments that may assist in fighting 
        the causes of violence and that help prevent crime in their immediate 
        and extended communities: Now, therefore, be it
    Resolved, That it is the sense of the Senate that--
            (1) in any effort by the Federal financial institution 
        regulatory agencies to reform regulations implementing the 
        Community Reinvestment Act of 1977, such agencies should 
        consider giving financial institutions credit in evaluations 
        conducted under that Act for providing credit and investments 
        which may assist in fighting the causes of violence and of 
        preventing crime in their communities, including--
                    (A) loans to police officers and firefighters who 
                establish their residences in high crime neighborhoods;
                    (B) loans for community recreation facilities in 
                high crime neighborhoods;
                    (C) loans for job creating activities that will 
                train or employ youths or adults who might otherwise 
                become involved in crime; and
                    (D) other similar credit and investment activities;
            (2) regulations promulgated or amended under the Community 
        Reinvestment Act of 1977 should give positive consideration 
        under that Act to investments made by financial institutions in 
        other financial intermediaries which have the effect of 
        stabilizing neighborhoods and fighting the causes of violence 
        and preventing crime in those neighborhoods, including--
                    (A) community development corporations;
                    (B) community development credit unions;
                    (C) community development loan funds;
                    (D) specialized small business investment 
                companies;
                    (E) community development financial institutions; 
                and
                    (F) other similar institutions;
            (3) loans and investments extended by a financial 
        institution for the purpose of fighting the causes of violence 
        and preventing crime outside of its normal lending area or 
        geographic community should be considered legitimate community 
        reinvestment activities; and
            (4) reformed regulations under the Community Reinvestment 
        Act of 1977 should not define a financial institution's ``local 
        community'' so narrowly that loans and investments provided to 
        fight the causes of violence and help prevent crime will not be 
        positively considered under that Act simply because they are 
        extended outside of the area normally delineated by the 
        financial institution as its ``local community''.

                                 <all>