[Congressional Record Volume 152, Number 124 (Thursday, September 28, 2006)]
[Extensions of Remarks]
[Pages E1884-E1885]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




       COMMUNITY DEVELOPMENT INVESTMENT ENHANCEMENTS ACT OF 2006

                                 ______
                                 

                               speech of

                           HON. MAXINE WATERS

                             of california

                    in the house of representatives

                     Wednesday, September 27, 2006

  Ms. WATERS. Madam Speaker, I rise in support of H.R. 6062, ``the 
Community Development Enhancements Act of 2006.'' I want to thank Mr. 
Frank for sponsoring this bill, and our distinguished Chairman Mr. 
Oxley, who is an original sponsor of the bill. The bill will enhance 
the community development investments made by financial institutions.
  The bill has two major provisions. One provision would increase the 
amount of investments that a financial institution can make for 
community development from 10 percent to 15 percent. This increase in 
the amount that banks can invest in such activities will enable the 
banks to invest more of its resources in investments that will directly 
benefit communities and low and moderate income persons.
  Another provision directs portions of the investments made by the 
financial institutions to

[[Page E1885]]

promote the public welfare. Citing the actual legislation, the 
financial institutions ``may make investments designed primarily to 
promote the public welfare, including the welfare of low and moderate 
income communities and families through housing, services and jobs.''
  The changes mandated by this bill send a clear message to financial 
institutions that the needs of low and moderate income communities and 
families are important. More often than not, these groups are 
overlooked or their needs underestimated. In addition, the bill enables 
our financial institutions to look at investments on an investment by 
investment basis rather than in the aggregate.
  Madam Speaker, I urge my colleagues to support H.R. 6062, because it 
will strengthen investment in low and moderate income communities 
across this Nation. Financial institutions must continue to play a role 
in strengthening and stabilizing our communities and this bill will 
facilitate both.

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