My hat’s off to Rep Steve King (R) Iowa
In a general speech on the House floor, Tues night Feb 14th, King is the ONLY elected official I have EVER heard of calling for the repeal of the Community Re-investment Act. I have been very perplexed that no one has mentioned CRA.
King has been staunchly opposed to 0bamacare since the day it was crammed down our throats, and he specifically stated in the speech that he had been in contact with ALL the Republican candidates to get their pledge to sign his repeal of 0bamacare if they were to be elected President. King stated that he had gained the pledges from all the candidates EXCEPT FOR ONE.
Hmmmm, wonder who that could be.
As expected, King also called for the repeal of the Dodd/Frank financial Deform bill (and other related financial system bills). Bravo!
I believe that it would be highly insufficient to do anything about the banking system without FIRST repealing the CRA entirely. It was the CRA that got all this started in the first place, what with the govt forcing the community banking system to loan money to minorities regardless of their ability to pay off the loan.
Once we get CRA repealed, the community banking system stranglehold will be released to re-gain sound lending practices again. In Tues nights general speech on the House floor, King only mentioned repealling the CRA in passing with only two sentences. I believe there should be much more outrage, but it is at leat good to hear that someone is speaking out. I hope he will WORK to gain consensus among his colleages and prepare a bill to be signed by our new Republican President in 2013.
It is a rare occurrence these days to see Rep Steve King speak anywhere without hearing a call to repeal 0bamacare in its entirety. If I happen to catch him on C-Span, I expect to hear him mention it, and I gain a smile before he even says anything, because I know it is coming ! Kings dogged rebuke of 0bamacare has become my comical relief these days and I always look forward to hearing him again and again. It is important to note that King warned, during the speech Tues night, that although we had been able to get a few bits and peices of the bill thrown out, that this should in no uncertain terms relieve congress of its responsibility to continue to press forward with the full repeal of 0bamacare.
BTW. I am not a banker or affiliated in any way to banking. I just love freedom and the capitalist, free-market system. AND. I absolutely despise any form of govt wealth re-distribution. The CRA is the biggest offender of them all.