Statement on the Community Reinvestment Act

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.