[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 553 Introduced in House (IH)]

111th CONGRESS
  1st Session
H. RES. 553

Expressing the sense of the House of Representatives that the Secretary 
   of the Treasury and the Chairman of the Board of Governors of the 
Federal Reserve System should protect and enhance consumer and business 
access to credit by utilizing the provisions of the Federal Reserve Act 
  and the Emergency Economic Stabilization Act of 2008, and reserving 
access to liquidity programs for those financial institutions that have 
  maintained or increased lending activities since the height of our 
                    economic crisis in October 2008.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 17, 2009

   Ms. Waters (for herself, Mr. Gutierrez, Mr. Clay, Mr. Al Green of 
     Texas, Mr. Ellison, and Mr. Grayson) submitted the following 
 resolution; which was referred to the Committee on Financial Services

_______________________________________________________________________

                               RESOLUTION


 
Expressing the sense of the House of Representatives that the Secretary 
   of the Treasury and the Chairman of the Board of Governors of the 
Federal Reserve System should protect and enhance consumer and business 
access to credit by utilizing the provisions of the Federal Reserve Act 
  and the Emergency Economic Stabilization Act of 2008, and reserving 
access to liquidity programs for those financial institutions that have 
  maintained or increased lending activities since the height of our 
                    economic crisis in October 2008.

Whereas our country is currently in the middle of a foreclosure crisis, with an 
        average of 6,600 foreclosures occurring each day;
Whereas since the initial credit disruption of 2007, our national unemployment 
        rate has risen above 8 percent, leading to 5,700,000 lost jobs;
Whereas approximately 145,000,000 Americans presently have credit cards, with 
        the average household carrying more than $8,000 in credit card debt;
Whereas with gas and food prices rising to record highs, many families are using 
        credit cards to make up the difference between today's higher prices and 
        their stagnant or lost wages;
Whereas even credit cardholders with accounts in good standing, have seen their 
        credit limits reduced;
Whereas otherwise creditworthy borrowers have been denied credit;
Whereas the costs of accessing the capital markets remain too steep for many 
        small and mid-sized companies, preventing them from obtaining needed 
        capital for day-to-day expenses and expansion;
Whereas domestic businesses are increasingly drawing on their lines of credit to 
        repay debt, meet payroll costs, and expand core product areas;
Whereas reductions in a business' ability to access credit is causing an 
        increase in unemployment and a decrease in economic growth, as evidenced 
        by a drop in gross domestic product of 6.1 percent for the first quarter 
        of 2009;
Whereas reductions in a consumer's ability to access credit is causing 
        significant financial hardship to the average American family;
Whereas since 2007, the United States Government has provided banks and 
        financial institutions access to $700,000,000,000 through the Troubled 
        Asset Relief Program (TARP);
Whereas the Supervisory Capital Assessment Program implemented by the Secretary 
        of the Treasury and the Board of Governors of the Federal Reserve System 
        demonstrates that our largest bank holding companies have enough capital 
        to resume normal lending activities;
Whereas despite receiving more than $1,000,000,000,000 in Government assistance, 
        improvements to system-wide liquidity, and signs of receding market 
        risk, financial institutions continue to tighten restrictions on 
        consumer and business access to credit; and
Whereas the inability of potential homebuyers to obtain mortgages is prolonging 
        the housing and economic crises: Now, therefore, be it
    Resolved, That it is the sense of the House of Representatives that 
the Secretary of the Treasury and the Chairman of the Board of 
Governors of the Federal Reserve System should--
            (1) protect and enhance every American consumer's and 
        business's access to credit;
            (2) encourage credit card issuers, banks, and other 
        creditors to recognize longstanding customers who are in good 
        standing by not cutting their credit lines or raising their 
        interest rates; and
            (3) reserve access to programs under the Federal Reserve 
        Act and the Emergency Economic Stabilization Act for those 
        institutions that are working to increase consumer and business 
        access to credit.
                                 <all>