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house Bill H. Joint Res. 90

Should Congress Overturn the Trump Admin’s Changes to Community Reinvestment Act Regulations?

Argument in favor

Congress needs to reverse the Trump administration’s effort to implement regulations that would gut the Community Reinvestment Act, which would otherwise result in disinvestment in low- and moderate-income communities.

jimK's Opinion
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06/29/2020
Congress allocates funds and legislates how they are to be used - not the executive branch. PERIOD. If Congress disapproves the use of executive regulations that are claimed to make Congressional allocations 'better' by the administration's redefinition of the rules - Congress has the sole right to overturn those changes made by the administration. PERIOD. If the Congress supports the revised regulations as being beneficial to the final allocation of funding as intended, they can choose to accept the administration's changes. The administration has absolutely no say in this matter. PERIOD. It is called separation of power and is fundamental to our government. PERIOD. AS long as we are not governed by a monarchy, the trump should have no input or influence over the process.
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burrkitty's Opinion
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06/29/2020
Congress controls the purse. Period. Not Admin. I may not agree with a lot of what Congress spends my taxes on, but it is their constitutional duty to make those decisions. Voting against this is absurd. The Constitution is clear on this. End of Story.
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Leslie's Opinion
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06/29/2020
If Congress doesn’t over turn due to obstructionist McConnell then it should be taken to court just like illegally using defense funds for a border wall. Community Reinvestment Act (CRA) was enacted by Congress in 1977, all subsequent amendments were done by Congress, and funding is set by Congress. Maybe Trump is just looking for another source of funds for building the border war since he has been cut off from using defense funding? Or maybe it’s retribution for demonstrations & failure of the Justice Act in the Senate that he had Scott & McConnell author? Maybe both? “The U.S. Court of Appeals for the Ninth Circuit on Friday, June 26 ruled that the Trump administration’s use of Pentagon funds to build a wall along the U.S.-Mexico border is illegal. “ https://www.federalreserve.gov/consumerscommunities/cra_history.htm https://www.courthousenews.com/trump-scheme-to-fund-border-wall-illegal-ninth-circuit-rules/
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Argument opposed

The regulations that Democrats are seeking to overturn in this legislation would actually promote lending in low- and moderate income communities, and a reversal would cut off vital investment that would bring prosperity to those communities.

frostyone's Opinion
···
06/29/2020
Mad Max has been in government for almost 50 years. Anything she is sponsoring you can bet that it’s only good for more power and control for her and her corrupted commie cronies. Maxine, Feinstein, Schumer, Pelosi, Biden and Leahy have 290 years collectively in Congress. The only bill I could support from Democrats would be one for term limits.
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Mark's Opinion
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06/29/2020
Curious. How can Maxine Moore Waters afford a 4.3 million dollar Los Angeles mansion on a 170K salary? The annual taxes on her home are 143K. Odd huh?
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ManfromNebraska's Opinion
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06/29/2020
Just more obstruction by the socialist Democrats.
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What is House Bill H. Joint Res. 90?

This resolution would repeal the Comptroller of the Currency’s “Community Reinvestment Act Regulations” that were finalized on June 5, 2020, and would take effect on October 1, 2020. The new regulations would clarify & expand the bank lending, investment, and services that qualify as activities for Community Reinvestment Act (CRA) consideration; update how banks delineate the CRA assessment areas in which they’re evaluated; provide additional methods for consistently & objectively evaluating CRA performance; and require timely & transparent reporting.

Under the Congressional Review Act, Congress can overturn regulations issued within the last 60 legislative days with simple majority votes in both chambers. The resolution would need to be signed into law by the president to take effect.


Impact

Clients of lending institutions covered by the CRA; banks, credit unions, and other financial institutions; and the Comptroller of the Currency & other financial regulators.

Cost of House Bill H. Joint Res. 90

A CBO cost estimate is unavailable.

More Information

In-DepthHouse Financial Services Committee Chairwoman Maxine Waters (D-CA) introduced this resolution to reverse the Trump administration’s regulatory changes to the Community Reinvestment Act:

“When then-Comptroller Otting recently rushed out a harmful rule gutting the Community Reinvestment Act (CRA), I made it clear that Congress would not let the rule stand. Today, I and Congressman Meeks have introduced a Congressional Review Act resolution to nullify the OCC’s rule. Otting recklessly pushed ahead with his rule, which will result in disinvestment in many low- and moderate-income communities, despite the Federal Reserve and the FDIC - the other regulatory agencies responsible for enforcing CRA - declining to join in the rulemaking. The Community Reinvestment Act is an essential law that was put in place to prevent redlining and to require banks to invest and lend responsibly in the communities where they are chartered. It is completely unacceptable for the OCC to use the cover of a pandemic to rush out a rule that will be harmful to communities that are already suffering during this crisis. This resolution we introduced today will right that wrong.”

The Comptroller of the Currency explained that the new regulations would benefit communities, businesses, and banks by:

  • Clarifying what qualifies for Community Reinvestment Act consideration.
  • Updating how banks define assessment areas by retaining immediate geographies around branches and establishing additional assessment areas for banks that do not rely on branch networks to serve their customers.
  • Evaluating bank CRA performance more objectively through quantitative measures that assess the volume and value of activity.
  • Making reporting more transparent and timelier.
  • Providing greater support for small businesses, small & family-owned farms, and Indian Country.
  • Thoroughly evaluating banks' CRA performances in all their assessment areas, not just a limited evaluation in some of them.

The White House issued a veto threat for this legislation if it were to reach President Donald Trump’s desk, writing:

“The Administration is dedicated to promotion of lending, investment, and enhanced economic activity in low- and moderate- income neighborhoods across our country, and this final rule is a reflection of that dedication. The regulations that the House seeks to overturn, in coordination with the Opportunity Zones program, are a critical step in ensuring prosperity for all Americans, and the final rule increases support for and investment in small businesses, small- and family-owned farms, Indian Country, and distressed communities. Unfortunately, H.J.Res. 90 does not recognize the important work that has been completed to develop a final rule that helps Americans all over the Nation.”

This legislation has the support of 82 cosponsors in the House, all of whom are Democrats.


Of NoteSigned into law by President Bill Clinton in 1996 as part of then-Speaker Newt Gingrich’s (R-GA) "Contract with America," the Congressional Review Act allows Congress to repeal a regulation that took effect within the last 60 legislative days (i.e. Congress’s work days). Congress can do so with simple majorities in both chambers, so there’s no threat of filibuster in the Senate. Whatever agency issued the newly-repealed rule is prohibited by the Congressional Review Act from issuing a similar regulation without Congress’s approval. However, if Congressional Review Act legislation is vetoed, both chambers of Congress need the traditional two-thirds majority vote to override the veto.

Congress previously had the ability to overturn regulations through a vote in only one chamber, but the Supreme Court deemed that practice unconstitutional in 1983. That left lawmakers with no other option for stopping regulations other than passing an actual law to do so, until the inception of the Congressional Review Act.


Media:

Summary by Eric Revell

(Photo Credit: iStock.com / YinYang)

AKA

Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Office of the Comptroller of the Currency relating to "Community Reinvestment Act Regulations".

Official Title

Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Office of the Comptroller of the Currency relating to "Community Reinvestment Act Regulations".

joint resolution Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
  • The house Passed June 30th, 2020
    Roll Call Vote 230 Yea / 179 Nay
    IntroducedJune 11th, 2020

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    Congress allocates funds and legislates how they are to be used - not the executive branch. PERIOD. If Congress disapproves the use of executive regulations that are claimed to make Congressional allocations 'better' by the administration's redefinition of the rules - Congress has the sole right to overturn those changes made by the administration. PERIOD. If the Congress supports the revised regulations as being beneficial to the final allocation of funding as intended, they can choose to accept the administration's changes. The administration has absolutely no say in this matter. PERIOD. It is called separation of power and is fundamental to our government. PERIOD. AS long as we are not governed by a monarchy, the trump should have no input or influence over the process.
    Like (146)
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    Mad Max has been in government for almost 50 years. Anything she is sponsoring you can bet that it’s only good for more power and control for her and her corrupted commie cronies. Maxine, Feinstein, Schumer, Pelosi, Biden and Leahy have 290 years collectively in Congress. The only bill I could support from Democrats would be one for term limits.
    Like (42)
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    Congress controls the purse. Period. Not Admin. I may not agree with a lot of what Congress spends my taxes on, but it is their constitutional duty to make those decisions. Voting against this is absurd. The Constitution is clear on this. End of Story.
    Like (54)
    Follow
    Share
    If Congress doesn’t over turn due to obstructionist McConnell then it should be taken to court just like illegally using defense funds for a border wall. Community Reinvestment Act (CRA) was enacted by Congress in 1977, all subsequent amendments were done by Congress, and funding is set by Congress. Maybe Trump is just looking for another source of funds for building the border war since he has been cut off from using defense funding? Or maybe it’s retribution for demonstrations & failure of the Justice Act in the Senate that he had Scott & McConnell author? Maybe both? “The U.S. Court of Appeals for the Ninth Circuit on Friday, June 26 ruled that the Trump administration’s use of Pentagon funds to build a wall along the U.S.-Mexico border is illegal. “ https://www.federalreserve.gov/consumerscommunities/cra_history.htm https://www.courthousenews.com/trump-scheme-to-fund-border-wall-illegal-ninth-circuit-rules/
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    YES. YES. Trump has almost gutted it. Congress needs to reverse what Trump has done to regulate it so that the Community Reinvestment Act would be useless. The reason for which was instituted & the results from that gutting would cause a huge in disinvestment in low- and moderate-income communities. The OPPOSITE OF WHAT SHOULD BE HAPPENING TODAY.
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    Curious. How can Maxine Moore Waters afford a 4.3 million dollar Los Angeles mansion on a 170K salary? The annual taxes on her home are 143K. Odd huh?
    Like (24)
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    Just more obstruction by the socialist Democrats.
    Like (22)
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    We have separation of powers for good reason. Congress controls the money, not the Executive branch. Let’s keep it that way!
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    The Community Reinvestment Act (CRA) was one of the main ways to prevent redlining and ensure that financial institutions give equal access to mortgages to people in low-income neighborhoods, predominantly black and brown people. Gutting the CRA is another racist attack on black people in this country and it must be stopped. As it is, there is not much incentive for banks and lenders to provide money to black people, which is why so many black-owned businesses do not work with banks and why so many black people rent instead of own. The CRA is a way of fighting the systemic racism already in place in this country, and it must be upheld or improved.
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    Trump has done nothing to benefit the common man except criminal justice reform.
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    YES!
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    Oh, Dicr, he only did that because a Kardashian and her supporters wanted him to. Not because he had a heart. It was because of the media attention she brought to the issue. Please don’t give him credit, when none is due!
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    Ditto JimK!
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    No, there is no logical reason to do so. This is just Democrats continuance in trying to obstruct and destroy the economy.
    Like (10)
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    Congress should reassert their power of the purse. It's ridiculous that this Congress meekly goes along with the administration's encroachments on their constitutional obligations.
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    Supporting our communities is essential to maintaining our democracy.
    Like (9)
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    The money should go to communities that lack the capital, not to the “President’s” wealthy friends.
    Like (9)
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    If we are to become the country we are supposed to be, we MUST invest in struggling communities. The preamble to our constitution says we must promote the general welfare. Let’s honor our constitution and our citizens.
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    The executive branch is power hungry. They are desperate to become an Authoritarian Country just like Russia. I for one will not be surprised when they find concrete evidence that 🍊💩🤡Traitor Trump & family has been coordinating with Putin all along!
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    The argument Against this sounds a lot like for the mid and lower income communities, you don’t need investment loans or opportunities. Just wait for the wealthy people to come rescue you. You’ll be waiting a long time.
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