H.R. 5149 (103rd): Community Reinvestment Enhancement Act of 1994

HR 5149 IH

103d CONGRESS

2d Session

H. R. 5149

To amend the Community Reinvestment Act of 1977 to enhance the flow of investment capital for low- and moderate-income housing in low- and moderate-income neighborhoods.

IN THE HOUSE OF REPRESENTATIVES

SEPTEMBER 30, 1994

Mr. KLEIN introduced the following bill; which was referred to the Committee on Banking, Finance and Urban Affairs

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A BILL

To amend the Community Reinvestment Act of 1977 to enhance the flow of investment capital for low- and moderate-income housing in low- and moderate-income neighborhoods.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ‘Community Reinvestment Enhancement Act of 1994’.

SEC. 2. AMENDMENTS TO COMMUNITY REINVESTMENT ACT OF 1977.

(a) IN GENERAL- Section 804(a)(1) of the Community Reinvestment Act of 1977 (12 U.S.C. 2903(a)(1)) is amended by inserting ‘or of targeted low- and moderate-income neighborhoods designated by the appropriate Federal financial supervisory agency or the appropriate State bank supervisor’ after ‘neighborhoods,’.

(b) AMENDMENT TO PURPOSES- Section 802(b) of the Community Reinvestment Act of 1977 (12 U.S.C. 2901(b)) is amended by inserting ‘or of targeted low- and moderate-income neighborhoods designated by the appropriate Federal financial supervisory agency or the appropriate State bank supervisor’ after ‘chartered’.

(c) AMENDMENT TO DEFINITIONS- Section 803 of the Community Reinvestment Act of 1977 (12 U.S.C. 2902) is amended by adding at the end the following new paragraph:

‘(5) STATE BANK SUPERVISOR- The term ‘State bank supervisor’ has the same meaning as in section 3(r) of the Federal Deposit Insurance Act.’.

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