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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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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