June 29, 2020 - Issue: Vol. 166, No. 119 — Daily Edition116th Congress (2019 - 2020) - 2nd Session

[Extensions of Remarks]
[Page E586]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




PROVIDING FOR CONGRESSIONAL DISAPPROVAL OF RULE SUBMITTED BY OFFICE OF 
 THE COMPTROLLER OF THE CURRENCY RELATING TO ``COMMUNITY REINVESTMENT 
                           ACT REGULATIONS''

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                               speech of

                           HON. JOYCE BEATTY

                                of ohio

                    in the house of representatives

                         Friday, June 26, 2020

  Mrs. BEATTY. Madam Speaker, I rise to support House Joint Resolution 
90, a resolution to overturn the Office of the Comptroller of the 
Currency's ill-conceived rule to dilute and weaken the Community 
Reinvestment Act. Originally passed in 1977, the Community Reinvestment 
Act was enacted into law to fight against systemic racism in the 
banking and housing system, otherwise known as redlining. This practice 
ensured that the American dream of homeownership and living in good 
neighborhoods with good schools would never become a reality for Black 
families because of the color of their skin. The peaceful protests 
since the murder of George Floyd against the persistent injustice and 
unequal treatment of Black people are a testament to why our society 
must keep our foot on the pedal of CRA to ensure that its intentions 
are fully realized to right the wrongs of the past.
  At a time when the homeownership rate of Black Americans is only 
marginally better than it was in 1977, we should be strengthening the 
Community Reinvestment Act to form a more inclusive America, not 
gutting it like the OCC's rule would do. The COVID-19 pandemic has 
further proved that we need to fuel Black businesses, entrepreneurship 
and enterprise in Black communities to add value and make them more 
stable. This resolution will overturn the OCC's rule and ensure that 
the gains that we have made are not rolled back to the era of Jim Crow 
and protect investments in Black communities.
  I urge my colleagues to vote for this resolution.

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