[Congressional Record Volume 145, Number 95 (Wednesday, June 30, 1999)]
[House]
[Pages H5095-H5096]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                       COMMUNITY REINVESTMENT ACT

  (Mr. MASCARA asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. MASCARA. Mr. Speaker, the House will soon consider landmark 
legislation amending Depression-era banking laws. This bill will bring 
the banking, securities, and insurance industry regulations in line 
with the 21st century marketplace. These changes will create greater 
efficiency and consumer choices.
  However, one element of this industry that does not reform is the 
Community Reinvestment Act, known as CRA.

[[Page H5096]]

 CRA has provided for increased loans to distressed communities, 
expanded homeownership opportunities, and has helped small businesses 
develop and flourish.
  In recent years, two-thirds of all small business loans were made 
under CRA. It has also provided for a sharp increase in mortgage loans 
to low and moderate income families.
  CRA investments are good investments. Financial institutions 
recognize the importance of serving their communities. The Community 
Reinvestment Act is a good, profitable business for banks and the 
community. I call on my colleagues to support CRA as an important part 
of financial services reform.

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