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Minorities Not Responsible for Economic Woes of Wall Street

Floor Speech

Date: Sept. 27, 2008
Location: Washington, DC
Issues: Finance and Banking


MINORITIES NOT RESPONSIBLE FOR ECONOMIC WOES OF WALL STREET -- (House of Representatives - September 27, 2008)

(Ms. HIRONO asked and was given permission to address the House for 1 minute.)

Ms. HIRONO. Mr. Speaker, I am shocked that some in our community have implied that minorities are somehow responsible for the financial debacle our country is facing now.

Apparently, the argument is that minorities are getting loans through the Community Reinvestment Act on the basis of race, and often little else. I don't know what evidence there is for such a sentiment, but I do know that the vast majority of subprime market loans were financed by Wall Street, not by the commercial banks regulated under the Community Reinvestment Act.

Trying to shift the focus from the lack of oversight by this administration of our financial markets and the irresponsible behavior of so many brokerage firms by scapegoating minority families who are trying to realize the American Dream of homeownership is not only insensitive, but insulting.


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