Chairman Crowley Statement on President Trump Allowing Banks to ‘Redline’ Poor, Minority Neighborhoods
(Washington, D.C.) – House Democratic Caucus Chairman Joe Crowley (D-NY) issued the following statement on reports that the Trump administration will reverse a decades-old rule that protects poor and minority neighborhoods from “redlining” – a practice where banks refused to lend money in certain neighborhoods regardless of the credit or financial status of the lendee:
“During the campaign, then-candidate Donald Trump repeatedly asked black and Hispanic voters what they had to lose by sending him to the White House. We get a new answer to that question nearly every day.
“Today, we are seeing the Trump administration advocate for the return of ‘redlining,’ the odious and often racist practice where financial institutions denied services and loans to entire communities. Redlining denies Americans both civil and economic justice. It should be relegated to the history books – not a modern economy.
“The Community Reinvestment Act broke down the barriers put up by financial institutions that stopped qualified borrowers from accessing capital solely due to their zip code or race. Since its passage, thousands of low- and moderate-income families in Queens, the Bronx, and across the nation have been given the opportunity create financial security, become homeowners, or build a nest egg for their retirement.
“These critical banking regulations strengthen communities and our nation. It is absolutely imperative that the Trump administration abandons this effort and instead strengthens and expands access to capital for all credit-worthy Americans.”