National Low Income Housing Coalition Memo to Members April 16, 1999 Vol. 4, No. 15 [excerpts]

*** CRA Watch -- NEXT IN THE HOUSE COMMERCE COMMITTEE ...The shortcomings in H.R. 10 are tantamount to rolling back hard-won Community Reinvestment Act tools to invest in historically underserved communities.

The House bill, having passed out of the House Banking and Financial Services Committee, is to be considered next by the House Commerce Committee. H.R. 10 allows cross-ownership of banks, insurance companies and securities firms, thus creating mega financial institutions. However, existing CRA provisions applicable to bank assets would not apply to the new companies with which banks could affiliate. In these new institutions, banks would be allowed to shift their assets into the insurance or securities arms, for example, of the new mega companies and banks will have fewer resources with which to make home and small business loans.

***Members of the House Commerce Committee***

Republicans:

Tom Bliley, VA, Chairman W.J. "Billy" Tauzin, Louisiana Michael G. Oxley, Ohio Michael Bilirakis, Florida Joe Barton, Texas Fred Upton, Michigan Cliff Stearns, Florida Paul E. Gillmor, Ohio James C. Greenwood, Pennsylvania Christopher Cox, California Nathan Deal, Georgia Steve Largent, Oklahoma Richard Burr, North Carolina Brian P. Bilbray, California Ed Whitfield, Kentucky Greg Ganske, Iowa Charlie Norwood, Georgia Tom Coburn, Oklahoma Rick Lazio, New York Barbara Cubin, Wyoming James E. Rogan, California John Skimkus, Illinois Heather Wilson, New Mexico John B. Shadegg, Arizona Charles W. "Chip" Pickering, Mississippi Vito Fossella, New York Roy Blunt, Missouri Ed Bryant, Tennessee Robert L. Ehrlich, Jr., Maryland

Democrats:

John D. Dingell, Michigan (Ranking Member) Henry A. Waxman, California Edward J. Markey, Massachusetts Ralph M. Hall, Texas Rick Boucher, Virginia Edolphus Towns, New York Frank Pallone, Jr., New Jersey Sherrod Brown, Ohio Bart Gordon, Tennessee Peter Deutsch, Florida Bobby L. Rush, Illinois Anna G. Eshoo, California Ron Klink, Pennsylvania Bart Stupak, Michigan Eliot L. Engel, New York Thomas C. Sawyer, Ohio Albert R. Wynn, Maryland Gene Green, Texas Karen McCarthy, Missouri Ted Strickland, Ohio Diana DeGette, Colorado Thomas M. Barrett, Wisconsin Bill Luther, Minnesota Lois Capps, California