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| Campaign to Modernize CRA |
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CRA is one of the most important laws for building wealth and revitalizing neighborhoods. CRA has leveraged trillions of dollars for low- and moderate income communities since its enactment in 1977, and has had a broader impact on the overall economy by creating jobs, expanding affordable housing opportunities, and promoting small business development. Tell a Friend About Our Campaign to Modernize CRA Send a Fax to Your Representative in Support of HR 1479 >> The Community Reinvestment Act: Vital for Neighborhoods, the Country, and the Economy Watch the CRA Briefing, as well as Webinars on CRA and CRA Modernization:
Had CRA been applied to independent mortgage companies and other non-bank institutions, it is likely that our nation would not be confronted with the current economic crisis. In fact, government loans, investments, guarantees, and subsidies for the financial services industry during the current crisis will total more than $9.7 trillion. In an effort to safeguard against future economic crises of this scale and magnitude, CRA must be applied more broadly throughout the financial services industry. CRA is an antidote to the foreclosure crisis since this law requires banks to meet the credit needs of all communities consistent with safety and soundness. Therefore, NCRC believes that Congress should strengthen CRA as it is applied to banks, and expand CRA’s reach to non-bank financial institutions. HR 1479 NCRC has worked with Rep. Eddie Bernice Johnson to introduce the Community Reinvestment Modernization Act of 2009 (HR 1479) that would further increase loans and investments leveraged by CRA. If passed, the Community Reinvestment Modernization Act of 2009 (HR 1479) would leverage substantial sums of additional credit and capital for America’s neighborhoods. It would also help lead the country out of the current financial crisis by requiring financial institutions to invest responsibly in our people and our communities. Here is a list of U.S. Representatives who currently co-sponsor the bill to modernize CRA. There are currently 52 cosponsor from 25 states, not including the sponsor. Alabama Alaska Arkansas Arizona California Rep. Barbara Lee (D-CA 9th) Rep. Pete Stark (D-CA 13th) Rep. Mike Honda (D-CA 15th) Rep. Doris Matsui (D-CA 5th) Rep. Diane Watson (D-CA 33rd) Rep. Grace Napolitano (D-CA 38th) Rep. Bob Filner (D-CA 51st) Rep. Lois Capps (D-CA 23rd) Rep. Judy Chu (D-CA 32nd) Rep. Laura Richardson (D-CA 37th) Rep. Zoe Lofgren (D-CA 16th) Colorado None at this time. Connecticut Delaware District of Columbia Florida Rep. Corrine Brown (D- FL 3rd) Rep. Kendrick Meek (D-FL 17th) Rep. Alcee Hastings (D-FL 23rd) Georgia Rep. Sanford Bishop (D-GA 2nd) Rep. Hank Johnson (D-GA 4th) Hawaii None at this time. Idaho Illinois
Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Rep. James McGovern (D-MA 3rd) Rep. Niki Tsongas (D-MA 5th) Rep. Mike Capuano (D-MA 8th) Rep. William Delahunt (D-MA 10th) Rep. Stephen M. Lunch (D-MA 9th) Michigan Rep. John Conyers (D-MI 14th) Minnesota Mississippi Rep. Bennie Thompson (D-MS 2nd) Missouri Rep. Russ Carnahan (D-MO 3rd) Montana Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Rep. Marcia Fudge (D-OH 11th) Rep. Dennis Kucinich (D-OH 10th) Rep. Marcia Fudge (D-OH 11th) Rep. Dennis Kucinich (D-OH 10th) Rep. Steve Driehaus (D-OH-1st) Oklahoma None at this time.Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Rep. Eddie Bernice Johnson (D-TX 30th) Rep. Solomon Ortiz (D-TX 27th) Rep. Lloyd Doggett (D-TX 25th) Rep. Al Green (D-TX 9th) Utah None at this time. U.S. Virgin Islands Vermont Virginia Washington West Virginia Wisconsin Wyoming
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