Barney Frank’s New Bill to Expand the Community Reinvestment Act

09/18/2009

Nothing succeeds like failure.

Here’s a press release from the National Community Reinvestment Coalition:

Expansion of Community Reinvestment Act Would Promote Economic Security and Financial Inclusion for

For … whom? Can’t you guys at least finish your titles? I’m imagine in your "Who? Whom?" equation, I'll end up a Whom, but I don’t think the end of your sentence was going to be "for Steve Sailer’s Family."

So, what’s in Barney’s Bill, H.R. 1479, the "Community Reinvestment Modernization Act of 2009"?

Extension of the CRA from mortgages to small business loans.
Inclusion of credit unions (my vague impression is that credit unions screwed up less than most financial institutions, so Barney has to rectify that!)
Switch from unofficial to official inclusion of independent mortgage firms (e.g., Countrywide).

Will we ever learn? How can we learn if we aren’t allowed to talk about What Just Happened to the economy?

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