[Congressional Record Volume 140, Number 145 (Friday, October 7, 1994)]
[Senate]
[Page S]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: October 7, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
     PRESIDENTIAL SIGNING OF COMMUNITY DEVELOPMENT AND BANKING LAW

  Mr. PELL. Mr. President, I speak today to bring attention to what 
turned out to be an almost unnoticed event when it occurred recently: 
the signing of the Riegle Community Development and Regulatory 
Improvement Act of 1994. While not able to compete with the more 
demanding news items of the day, such as the events in Haiti or the 
developments in the O.J. Simpson case, this act will have significant, 
lasting, and positive effects on the daily lives of millions of 
Americans.
  The Community Development initiative will give much-needed access to 
credit and financial services to individuals previously left out by 
established banking practices. Our inner cities, the working poor, 
minorities, and women have too often been left unfairly behind in the 
pursuit of the basic lending services available to the more traditional 
customer. This program will help alleviate that disparity and in the 
process, provide the basis for community development in the distressed 
communities of our country that need it most.
  I commend the President for making good on his campaign promise to 
make this a priority in his administration. He has delivered quickly 
and effectively. I also salute the Banking Committee and in particular, 
its chairman, Senator Riegle, who has worked diligently to see this 
proposal through a difficult legislative process. I also wish to 
commend those in the private sector who worked side by side with the 
President and the Congress to make this vision of hope into a concrete, 
workable plan in reality. I am particularly proud of the efforts of a 
banking concern in my home State, the Fleet Financial Group, for being 
in the forefront of this process and indeed for implementing earlier 
this year a comprehensive $8 billion program, called Fleet INCITY, in 
this very area. Terry Murray, the chairman and chief executive officer 
of Fleet, and Agnes Bundy, the director of Fleet INCITY, deserve 
special praise for putting together this program and making the idea of 
community banking a reality. I look forward to the day when we can 
point to revitalized cities and empowered individuals and say with 
satisfaction that they were, in part, a result of the work done this 
year to try to bring lending and financial services to all.
  Once again, I commend all involved for the achievements and 
advancements made in community development and banking. With them, a 
new day is dawning for our inner cities and for those least advantaged 
in our society, with the ultimate benefit, of course, coming to society 
at large.
  There being no objection, the letter was ordered to be printed in the 
Record, as follows:

                                              The White House,

                                  Washington, DC, October 5, 1994.
     Hon. Claiborne Pell,
     Chairman, Committee on Foreign Relations,
     U.S. Senate, Washington, DC.
       Dear Mr. Chairman: The Administration is committed to 
     maintaining close consultations with the Congress on major 
     foreign policy and national security issues, but 
     consultations between the Executive and the Legislative 
     branches are never perfect. In particular on the ABM Treaty 
     demarcation discussions and the Nuclear Posture Review, 
     consultations were not held with the Senate Foreign Relations 
     Committee. We are working to assure that this does not occur 
     again.
       We are committed to a regular dialogue with the Committee 
     on all foreign policy and security issues and will make 
     special efforts to improve serious two-way communication on 
     arms control issues.
           Sincerely,
                                                 Samuel R. Berger,
          Deputy Assistant to the President for National Security 
     Affairs.

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