[Congressional Record (Bound Edition), Volume 153 (2007), Part 5]
[Extensions of Remarks]
[Page 6959]
[From the U.S. Government Publishing Office, www.gpo.gov]




 DEPOSITORY INSTITUTION COMMUNITY DEVELOPMENT INVESTMENTS ENHANCEMENT 
                              ACT--SUPPORT

                                 ______
                                 

                         HON. CHARLES B. RANGEL

                              of new york

                    in the house of representatives

                        Tuesday, March 20, 2007

  Mr. RANGEL. Madam Speaker, I wish to express my support for the 
Depository Institution Community Development Investments Enhancement 
Act, an act to reinvest in communities across America.
  As you may recall, I strongly pushed for the Empowerment Zone 
legislation that was passed in the 90's. I'm supporting this act not 
only because it reminds me of the ambitious Empowerment Zone 
legislation, but because legislation like this sends Americans a 
message that Congress believes community development is important. In 
the aftermath of Hurricane Katrina and other natural disasters in the 
Gulf Coast, a bill that supports redeveloping those communities 
impacted and other distressed communities across America is vitally 
important. People who live in those areas have suffered hardships with 
the loss and damage to homes, loss of jobs, and shut down of 
businesses. It is imperative for Congress to let them know that we care 
about that loss and to show them just that by supporting this act.
  Further, this act would allow certain financial institutions the 
opportunity to support community re-development. Support from the 
financial institutions is a critical element. Financial institutions 
interested in revitalizing communities should have the tools to do so.
  In the district I represent, I have witnessed the benefits of 
revitalization first hand. As a result of the Empowerment Zone, the 
Harlem area is thriving. Homes have been renovated and purchased. 
Businesses have opened and are thriving. Some jobs have been created. 
All of this brings hope to people. It is particularly important to 
continuously acknowledge the blood, sweat, and tears they shed so that 
all Americans could live in a section of the world where freedom 
reigns. It has been quoted, ``Freedom is not free.'' We all know that 
is true.

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