[Weekly Compilation of Presidential Documents Volume 35, Number 42 (Monday, October 25, 1999)]
[Pages 2121-2122]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
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.

[[Page 2122]]

    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 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.