[Congressional Record Volume 145, Number 95 (Wednesday, June 30, 1999)]
[Extensions of Remarks]
[Page E1448]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




            THE IMPORTANCE OF THE COMMUNITY REINVESTMENT ACT

                                 ______
                                 

                        HON. DENNIS J. KUCINICH

                                of ohio

                    in the house of representatives

                        Wednesday, June 30, 1999

  Mr. KUCINICH. Mr. Speaker, twenty-two years ago, the U.S. Congress 
voted to enact the Community Reinvestment Act (CRA). Since that time, 
the provisions of CRA have provided unparalleled economic opportunity 
in the poorest of our country's communities. In the inner-city 
neighborhoods of Cleveland, families are realizing the dream of 
homeownership, real estate markets are rising and small businesses are 
breathing new life into areas once redlined and hopeless. With the 
investments sparked by CRA, Cleveland has leveraged a higher quality of 
life in these neighborhoods and established a solid infrastructure to 
support economic growth throughout the area. It is estimated that CRA 
has resulted in investment commitments of $3.1 billion for community 
development efforts in Cleveland. Nationally, CRA has spurred 
investments totaling more than one trillion dollars in cities and rural 
areas across the country. Today, I urge my colleagues to continue our 
commitment to growth and stability in the underserved communities of 
America by protecting and strengthening CRA through the financial 
modernization legislation. In this time of great economic prosperity, 
it is our sacred trust to guarantee that hope and opportunity are 
extended to all Americans, in every community and in every 
neighborhood.

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