Providing for Congressional Disapproval of Rule Submitted By Office of the Comptroller of the Currency Relating to ``Community Reinvestment Act Regulations''

Floor Speech

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Ms. OCASIO-CORTEZ. Madam Speaker, I thank Chairwoman Waters for her continued leadership on the Community Reinvestment Act.

Over the last several weeks, our Nation has been gripped by the uprisings against anti-Black racism and systemic racial injustice across the United States. But there is a difference between saying that we believe in the inherent dignity, equality, and value of our Black brothers and sisters and actually committing to it. The Community Reinvestment Act is one such commitment.

Our Nation has an unconscionable racial wealth gap that is directly rooted in the racist financial practice of redlining, whereby Black communities had red lines drawn around them on a map and were systematically denied banking, housing, and economic opportunities.

As a result, generations of White communities were given a head start at homeownership, which was the foundation of generational wealth, while Black communities were denied.

This fuels a runaway generational wealth gap that haunts the United States today. It is a practice that continues, with over 60 metro areas, in this very moment, having banks that deny Black applicants at significantly higher rates than they do White applicants.

Now, the CRA is an antiracist, antipoverty policy that seeks to remedy some of the damage done.

Yet, while this administration and the Republican Party paid lip service to Black and Brown communities with toothless policing legislation, behind everyone's back, the OCC made moves to gut rules around the CRA and advance the continued economic oppression of Black people in the United States. In fact, these rule changes advance gentrification and value luxury housing over investment in Black lives.

Well, to that move, we have four words: Not on our watch. That is because, in this House, in the 116th House, under the leadership of Chairwoman Waters, we will value Black lives.

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