[Weekly Compilation of Presidential Documents Volume 36, Number 29 (Monday, July 24, 2000)]
[Pages 1653-1654]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Statement on the Community Reinvestment Act

July 17, 2000

    The Community Reinvestment Act is helping to increase homeownership, 
create new jobs and businesses, and rebuild our country's inner cities 
and rural areas. Today's Federal Reserve Bank study of banks' and 
thrifts' CRA lending confirms that these loans are profitable and bring 
other benefits to banks as well. In part due to CRA, many banks and

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thrifts have shown commitment and innovation in putting capital into the 
hands of individuals and into the communities that need it most. I am 
deeply committed to keeping CRA strong and effective to help do more to 
meet the needs of those not fully participating in our Nation's 
prosperity.