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CRA showdown expected this week in Congress
Local experts available for press interviews; media packet details "success stories"
AUSTIN, TX - October 19, 1999 -- The Community Reinvestment Act (CRA), a 1977 federal law that has resulted in more than $100 billion annually in home, small business and community development lending, is expected to be revisited by the full U.S. Senate and House this week.
Sen. Phil Gramm of Texas is proposing amendments that would in effect cripple the current law and reduce its effectiveness. On the other hand, the Clinton administration has vowed to stand firm in support of CRA.
Members of the Texas Community Reinvestment Coalition (TCRC) are monitoring developments in Washington and are available to the media for comment. Rob Schneider can be reached at (512) 477-4431 and John Henneberger can be reached at (512) 477-8910.
TCRC also has produced a media packet on CRA, detailing various "success stories" in Texas where the law has resulted in beneficial community development projects in both urban and rural areas. To request your copy, please call (512) 477-4431.
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