[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.