Statement by the President: Community Reinvestment Act (7/17/00)

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Statement by the President: Community Reinvestment Act (7/17/00)

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                              THE WHITE HOUSE

                       Office of the Press Secretary
                          (Camp David, Maryland)

      _______________________________________________________________
For Immediate Release                                    July 17, 2000


                        STATEMENT BY THE PRESIDENT


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 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.

                                 30-30-30

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