[Public Papers of the Presidents of the United States: William J. Clinton (1999, Book I)]
[June 23, 1999]
[Pages 997-998]
[From the U.S. Government Publishing Office www.gpo.gov]



Statement on Federal Reserve Board Action on Collection of Information 
Concerning Loan Applicants
June 23, 1999

    I am pleased that the Federal Reserve Board has acted on my 
administration's request by voting this morning to propose, under the 
Equal Credit Opportunity Act, that lenders may choose to collect 
information about the race and gender of individuals applying for loans 
beyond home

[[Page 998]]

mortgages. This action is an important step to expand access to capital 
for all Americans. Allowing creditors to collect data for business and 
consumer loans will create greater innovation and increased access to 
credit, a higher level of voluntary compliance, and more effective fair 
lending enforcement.
    Along with my administration's reform of the Community Reinvestment 
Act regulations, enactment of the community development financial 
institutions legislation, and the proposed new markets initiative, 
today's historic action by the Federal Reserve Board will ensure that 
more Americans have access to capital. The record has shown that the 
administration's community empowerment strategy is working in helping to 
revitalize our distressed inner-city neighborhoods and rural communities 
by spurring more private investment, igniting the spark of 
entrepreneurship, and providing opportunity for more Americans.