E290 CONGRESSIONAL RECORD — Extensions of Remarks March 6, 2001 meet the DOT test by being marked with the sult of the Gramm-Leach-Bliley Financial mod- IN SPECIAL RECOGNITION OF THE appropriate notation are subject to tax. Tires ernization Act of 1999. The Community Rein- 100TH ANNIVERSARY OF THE that are not marked cannot be used on the vestment Modernization Act of 2001 will en- ZION EVANGELICAL LUTHERAN highway. sure that the hundreds of thousands of Ameri- CHURCH, HURON, OHIO I encourage my colleagues to join us in sup- cans, most often minorities and the working porting this legislation. poor, will continue to have access to capital HON. PAUL E. GILLMOR f and credit. OF OHIO IN THE HOUSE OF REPRESENTATIVES EXEMPTING PRESCRIPTION DRUGS The bill is endorsed by the National Com- AND MEDICAL SUPPLIES DIS- munity Reinvestment Coalition, the U.S. Con- Tuesday, March 6, 2001 PENSED BY THE DEPARTMENT ference of Mayors, the National League of Cit- Mr. GILLMOR. Mr. Speaker, for the past OF VETERANS AFFAIRS FROM ies, and the Association of Community Organi- 100 years, the Zion Evangelical Lutheran INTEREST CHARGES AND ADMIN- zations for Reform NOW (ACORN). Church in Huron, Ohio has served as a bea- ISTRATIVE COSTS In my hometown of Milwaukee, it is sup- con of hope, strength and prosperity for Ohio’s ported by the Mayor of Milwaukee, the Fair Fifth Congressional District. Today the church HON. PATSY T. MINK Lending Coalition, Interfaith Conference of celebrates its centennial and I want to recog- Greater Milwaukee, Hope Offered through nize its contribution to Huron and all of Ohio. OF HAWAII What began as an idea of forming a con- IN THE HOUSE OF REPRESENTATIVES Shared Ecumenical Action (HOSEA), the Local Initiatives Support Corporation (LISC), gregation in 1901 in Huron, has become a Tuesday, March 6, 2001 the Neighborhood Housing Services of Great- century-long dedication to faith and family. The church has served as a place for friends, Ms. MINK. Mr. Speaker, I rise to introduce er Milwaukee, Milwaukee Innercity Congrega- neighbors, colleagues and coworkers to come a bill that exempts prescription drugs and tions Allied for Hope (MICAH), the Metropoli- together to form a close-knit family. They all medical supplies that are dispensed by the tan Milwaukee Fair Housing Council, the Na- share a common-bond centered around their Department of Veterans Affairs from DVA’s in- tional Association for the Advancement of Col- dedication to their church. The importance of terest charge and administrative cost charge. ored People (NAACP), Select Milwaukee and family values and family worship is of pro- Under current law, the Department of Vet- the Legacy Bank. found importance to the people of Huron, and erans Affairs charges interest and administra- So many people and institutions support this they are proud of their church, their religious tive costs for any indebtness resulting from the bill because CRA is not only the right thing to beliefs and their heritage. provision of services and benefits to Veterans. do, it is the profitable thing to do. According to First established as a parish early 1901, The interest rate, set by the Department of a Federal Reserve Board report issued in July Pastor August H. Dornbrier held the first serv- the Treasury, is 6 percent. The Department of of 2000, 91% of home lending and 82% of ice in a little white German Reformed church Veterans Affairs has set the administrative small business lending under CRA is profit- that was rented then later purchased. Since rate at 50 cents per month. Veterans should able. This is comparable to any other type of then, the church and its congregation have not have to pay this interest charge or admin- lending. had a vibrant history. The congregation has istrative collection cost. They should be re- grown dramatically to more than 270 members sponsible for the co-payment amount only. The bill we are reintroducing today will up- from its early days when 42 people attended date CRA to match the increased market pow- f the first service. The congregation has had ers the Financial Modernization Act creates. It three homes where many of the rich German INTRODUCTION OF THE COMMU- will make banks accountable again by updat- traditions have been upheld. NITY REINVESTMENT MOD- ing CRA to cover all loans and lenders. This Located on the shores of Lake Erie, the ERNIZATION ACT OF 2001 not only includes mortgage companies, but church represents all that in good in our com- also insurance companies, investment firms munities—grace, elegance and commitment. HON. THOMAS M. BARRETT and other affiliates of banks that will increas- We, in Ohio’s Fifth Congressional District, are OF WISCONSIN ingly be offering loans and basic banking blessed to have such centerpieces in our com- IN THE HOUSE OF REPRESENTATIVES products in the new financial world. munities. The strength of these communities relies upon the strength of our faith. The Ohio Tuesday, March 6, 2001 In addition to extending CRA to all loans and lenders, the CRA Modernization Act of state motto, ‘‘With God all things are pos- Mr. BARRETT of Wisconsin. Mr. Speaker, I 2000 would: (1) Make insurance more avail- sible,’’ truly embodies this concept. am pleased to reintroduce today, in partner- able, affordable and accessible to minorities One-hundred years after its founding, the ship with my colleague, Rep. LUIS GUTIERREZ, and low-income citizens; (2) improve data col- Zion Evangelical Lutheran Church in Huron, the Community Reinvestment Modernization lection for small business and farm loans; (3) proudly celebrates its history—a story that is a Act of 2001, a very strong piece of legislation require a notice and public comment period for testament to the congregation’s enduring faith to modernize our fair lending laws to keep mergers between banks, insurance and invest- and extraordinary commitment to God and pace with the times. We first introduced this ment companies; (4) require that HMDA data community. Huron is a much stronger commu- legislation during the last session of Congress also include information on loan pricing and nity because of the work of the church and its in July of 2000. terms, including interest rates, discount points, members. I congratulate the congregation’s There are a lot of people who have worked origination fees, financing of lump sum insur- perseverance and I am confident the church very hard to bring us to this point today and ance payment premiums, balloon payments, will be just as strong during its next 100 years I’d like to say a special word of thanks to the and prepayment penalties; (5) prohibit insur- of service. National Community Reinvestment Coalition. ance companies that violate fair housing court f In particular, John Taylor and Josh Silver have consent decrees from affiliating with banks; TRIBUTE TO JOHN RUIZ, THE been instrumental from day one in drafting this and (6) penalize a financial institution and its FIRST HISPANIC HEAVYWEIGHT legislation. affiliates through reduced CRA ratings if the CHAMPION This bill is absolutely critical to helping cred- institutions have engaged in predatory lending. itworthy Americans gain access to credit and banking services. Since 1977, CRA has en- CRA is paramount to continuing the HON. JOE BACA couraged banks and thrifts to commit more progress this country has made towards eradi- OF CALIFORNIA than $1 trillion in private reinvestment dollars cating discrimination in the financial services IN THE HOUSE OF REPRESENTATIVES for mortgages, small business loans and com- marketplace. And it is imperative that we mod- Tuesday, March 6, 2001 ernize this important law now. The bottom line munity development loans for traditionally un- Mr. BACA. Mr. Speaker, it is with great is that CRA is good for business. It not only derserved communities. In the Milwaukee area pride that I rise to salute John Ruiz, who with levels the playing field to make sure that all alone, CRA has channeled over $200 million his victory this past weekend, becomes the creditworthy Americans have access to capital in lending to low- and moderate-income citi- first Hispanic heavyweight boxing champion. zens and neighborhoods. and credit, it makes good business sense. The victory will be an inspiration to all His- The timing for CRA is crucial. CRA will be- We hope you and all of our colleagues in panic youth, and indeed to all Americans, that come less effective if it is not updated to keep the House will consider supporting the Com- if you work hard, if you have tenacity, and per- pace with the rapid changes that are occurring munity Reinvestment Modernization Act of sistence, and vision, there is nothing you can- in the financial services marketplace as a re- 2001. not achieve. That is the American dream. The VerDate 11<MAY>2000 04:25 Mar 07, 2001 Jkt 089060 PO 00000 Frm 00012 Fmt 0626 Sfmt 9920 E:\CR\FM\A06MR8.038 pfrm01 PsN: E06PT1 March 6, 2001 CONGRESSIONAL RECORD — Extensions of Remarks E291 hope that some day, greatness will rise up in PRINTING OF A REVISED EDITION SABO, BIGGERT, and LEE, I will be introducing all of us. In the past several decades, several OF ‘‘BLACK AMERICANS IN CON- the ‘‘Permanent Housing Homeless Prevention notable Hispanics have fought for the world GRESS, 1870–1989’’ Grant Renewal Act.’’ heavyweight title, and despite their valor, have This bi-partisan legislation authorizes re- SPEECH OF newal of expiring Shelter Plus Care and SHP not achieved it; when one reviews the list, one permanent housing rental assistance grants sees how great this achievement is: HON. JOSEPH CROWLEY OF NEW YORK through the HUD Section 8 Housing Certificate 1923—Luis ‘‘The Wild Bull of the Pampas’’ IN THE HOUSE OF REPRESENTATIVES Fund.