The Glass-steagall Act's Loss Is The Community Reinvestment Act's Gain_3

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 resulted in $467 billion in loans by CRA lenders to low and medium income borrowers between 1993 and 1998 according to statistics reported by the U.S. Department of the Treasury in April of 2000. The Treasury Department further reported that loans to these borrowers rose by 39% in the same period of time. In an article for the New York Post,http://electricsaunaheater.webmium.com/helo-sauna-heater, noted economist Stan Liebowitz claimed that the expansion of the CRAs reach in the 1990s encouraged a loosening of lending standards throughout the banking industry. Similarly,Finlandia electric sauna heater|Free Shipping, Austrian economist Russell Roberts wrote in a Wall Street Journal essay that CRA promoted low-income housing by pressuring lending institutions to lend to people who would otherwise be rejected as a bad credit risk. The Gramm-Leach-Bliley Act After years of lobbying by the banking industry to repeal the provisions of Glass-Steagall that erected a wall between commercial and investment banks,http://electricsaunaheater.webmium.com/gas-sauna-heater, in 1999 President Clintons Treasury Secretary Robert Rubin took the lead in urging fellow liberals in Congress