[Congressional Record Volume 145, Number 90 (Wednesday, June 23, 1999)]
[Extensions of Remarks]
[Page E1379]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                       COMMUNITY REINVESTMENT ACT

                                 ______
                                 

                        HON. MATTHEW G. MARTINEZ

                             of california

                    in the house of representatives

                        Wednesday, June 23, 1999

  Mr. MARTINEZ. Mr. Speaker, I want to take a minute this morning to 
discuss the Community Reinvestment Act. For years, the CRA program has 
had a tremendous positive impact on low- and middle-income individuals 
all across America. CRA has let countless citizens achieve the American 
Dream by enabling them to own a home or business.
  Because of CRA, blatant discrimination in lending is declining. Banks 
are now held responsible for how they use the community's wealth and 
deposits. CRA has given hope to our inner cities and rural areas by 
enabling home ownership and small business opportunities to increase.
  Not only is CRA good for working people, it's good for the banking 
industry. Banking officials have told me that, because of CRA, banks 
have tapped into a ``new market'' in low- and moderate-income 
communities.
  In the greater Los Angeles region, including my district in East 
L.A., the Bank of America Community Development Bank and its affiliates 
have made more than $3.2 billion in new community development loans, 
and more than $650 million in low-income-housing tax credit 
investments.
  But now CRA is under attack. I urge my colleagues to protect CRA by 
supporting the Gutierrez Amendment to the Financial Modernization Act.

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