[Congressional Record (Bound Edition), Volume 154 (2008), Part 16]
[House]
[Page 22683]
[From the U.S. Government Publishing Office, www.gpo.gov]




      MINORITIES NOT RESPONSIBLE FOR ECONOMIC WOES OF WALL STREET

  (Ms. HIRONO asked and was given permission to address the House for 1 
minute.)
  Ms. HIRONO. Mr. Speaker, I am shocked that some in our community have 
implied that minorities are somehow responsible for the financial 
debacle our country is facing now.
  Apparently, the argument is that minorities are getting loans through 
the Community Reinvestment Act on the basis of race, and often little 
else. I don't know what evidence there is for such a sentiment, but I 
do know that the vast majority of subprime market loans were financed 
by Wall Street, not by the commercial banks regulated under the 
Community Reinvestment Act.
  Trying to shift the focus from the lack of oversight by this 
administration of our financial markets and the irresponsible behavior 
of so many brokerage firms by scapegoating minority families who are 
trying to realize the American Dream of homeownership is not only 
insensitive, but insulting.

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