Statement of Administration Policy: S. 1275 - The Community Development. Credit Enhancement, and Regulatory Improvement Act of 1993

(SENT 3/17/94)
(Senate)
(Riegle (D) Michigan and 11 others)

The Administration strongly supports S. 1275 because it will:

• Promote community development banks and financial institutions.
  
  
• Facilitate small business capital formation.
  
  
• Reduce paperwork for federally insured depository institutions.

In particular, the Administration strongly supports provisions in S. 1275 that would establish the Community Development Banking and Financial Institutions Fund. The Fund will strengthen community-based financial institutions that specialize in providing capital, credit, and basic banking services to underserved low- to moderate-income communities and populations. It will thereby empower individuals and communities with the tools to turn their commitment to self-improvement into action.