    [Weekly Compilation of Presidential Documents Volume 35, Number 25 (Monday, June 28, 1999)]
    [Page 1174]
    [Online from the Government Publishing Office, www.gpo.gov]

    <R04>
    Statement on Federal Reserve Board Action on Information Collection on
    Loan Applicants

    June 23, 1999

        I am pleased that the Federal Reserve Board has acted on my
    administration's request by voting this morning to propose, under the
    Equal Credit Opportunity Act, that lenders may choose to collect
    information about the race and gender of individuals applying for loans
    beyond home mortgages. This action is an important step to expand access
    to capital for all Americans. Allowing creditors to collect data for
    business and consumer loans will create greater innovation and increased
    access to credit, a higher level of voluntary compliance, and more
    effective fair lending enforcement.
        Along with my administration's reform of the Community Reinvestment
    Act regulations, enactment of the community development financial
    institutions legislation, and the proposed new markets initiative,
    today's historic action by the Federal Reserve Board will ensure that
    more Americans have access to capital. The record has shown that the
    administration's community empowerment strategy is working in helping to
    revitalize our distressed inner-city neighborhoods and rural communities
    by spurring more private investment, igniting the spark of
    entrepreneurship, and providing opportunity for more Americans.