[Congressional Record Volume 158, Number 151 (Thursday, November 29, 2012)]
[Extensions of Remarks]
[Page E1831]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




         80TH ANNIVERSARY OF THE FEDERAL HOME LOAN BANK SYSTEM

                                 ______
                                 

                             HON. DAN BOREN

                              of oklahoma

                    in the house of representatives

                      Thursday, November 29, 2012

  Mr. BOREN. Mr. Speaker, I take this opportunity to recognize the 80th 
anniversary of the Federal Home Loan Bank system. Chartered by Congress 
in 1932, the Federal Home Loan Bank system consists of 12 regional 
banks acting as a reliable source of critical funding for community 
financial institutions to finance housing and economic development.
  The Federal Home Loan Banks provide safe, affordable liquidity to 
nearly 8,000 banks, thrifts, credit unions, insurance companies and 
community development financial institutions in every state. As such, 
they are an essential partner for community and economic development 
across the country.
  The Federal Home Loan Banks operate under a cooperative model with 
ownership resting in its regional members and a management team focused 
on safety and soundness. This has protected taxpayers over the 
FHLBanks' entire 80-year history. During the recent economic downturn, 
the FHLBanks received no taxpayer support, and they were a vital player 
in supporting a broader U.S. housing market recovery.
  Lastly, Mr. Speaker, I want to acknowledge the Affordable Housing 
Program administered by the Federal Home Loan Banks and funded by 
contributions of 10 percent of the earnings from each of the FHLBanks. 
This important program represents the largest single source of private 
sector grants for housing and community development in the country. The 
Federal Home Loan Banks have distributed approximately $4.6 billion in 
private grants through their Affordable Housing Program since its 
inception in 1990. These grants have helped provide 1.5 million housing 
units to deserving families in every corner of the country.

                          ____________________