[Congressional Record Volume 140, Number 35 (Thursday, March 24, 1994)]
[Senate]
[Page S]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: March 24, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
 COMMUNITY DEVELOPMENT, CREDIT ENHANCEMENT, AND REGULATORY IMPROVEMENT 
                                  ACT

 Mr. BINGAMAN. Mr. President, last week the Senate passed S. 
1275, the Community Development, Credit Enhancement, and Regulatory 
Improvement Act of 1993. I supported this legislation because it will 
foster community development, encourage lending to small business, 
reduce paperwork for lending institutions, and protect the consumer.
  I support S. 1275 because it will have a positive impact on local 
economic growth. Our communities will benefit in several ways. 
Economically distressed communities will be given improved access to 
capital and development services. Also, additional capital will become 
available for consumers in the community and the private sector 
secondary market for small business loans. In effect, there will be 
more jobs created from the new businesses and consumer spending.
  This bill will ensure the safety and soundness of the banking system 
and reduce unnecessary regulatory burden and redtape that is often an 
impediment to lending. This means the cost of credit, which is normally 
passed onto the consumer, will be reduced. In my home State of New 
Mexico, banks that have been burdened by unnecessary redtape will now 
have more time and resources to dedicate toward helping local 
businesses and consumers to invest in themselves and their communities. 
It is for these reasons that I support this bill.

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