    [Public Papers of the Presidents of the United States: WILLIAM J. CLINTON (1999, Book II)]
    [October 22, 1999]
    [Pages 1859-1860]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Statement on Legislation To Reform the Nation's Financial System
    October 22, 1999

        Early this morning, my administration reached a tentative agreement
    with Congress that will modernize the Depression-era laws that govern
    our financial system. While we are still reviewing the language, this
    tentative agreement will bring lower costs, more choices, and better
    protections for consumers. At the same time, it will promote continued
    investment in America's communities and new opportunities for our
    financial institutions to compete in the global marketplace. When this
    potentially historic agreement is finalized, it will strengthen the
    economy and help consumers, communities, and businesses across America.
        As important as it is to modernize our Nation's banking laws, I
    cannot accept any bill that would weaken the Community Reinvestment Act
    and undermine our commitment to promoting more investments in
    underserved communities. That is why I insisted that no bank that fails
    to meet the needs of our communities should be able to profit from the
    new insurance

    [[Page 1860]]

    and securities powers that this legislation provides. This tentative
    agreement includes provisions that meet this test and provide for a
    strong and relevant Community Reinvestment Act.