"Among his biggest strokes of free-wheeling capitalism was the Gramm-Leach-Bliley Act, which repealed the Glass-Steagall Act, a cornerstone of Depression-era regulation. He also signed the Commodity Futures Modernization Act, which exempted credit-default swaps from regulation. In 1995 Clinton loosened housing rules by rewriting the Community Reinvestment Act, which put added pressure on banks to lend in low-income neighborhoods. It is the subject of heated political and scholarly debate whether any of these moves are to blame for our troubles, but they certainly played a role in creating a permissive lending environment."<quoted text>
Not sure what you keep belly aching about.
Here's the main facts about the CRA related to Bill Clinton:
In July 1993, President Clinton asked regulators to reform the CRA. This was in line with President Clinton's strategy to "deal with the problems of the inner city and distressed rural communities". The proposed changes would "make it easier for lenders to show how they're complying with the Community Reinvestment Act".
The Office of the Comptroller of the Currency moved to revise its regulation structure allowing lenders subject to the CRA to claim community development loan credits for loans made to help finance the environmental cleanup or redevelopment of industrial sites when it was part of an effort to revitalize the low- and moderate-income community where the site was located.
In response to the concerns recorded, the Federal financial supervisory agencies - OCC, FRB, FDIC, and OTS - made further clarifications, and the agencies jointly reported their final amended regulations for implementing the Community Reinvestment Act in the Federal Register in 1995. The final amended regulations replaced the existing CRA regulations in their entirety.
In 1999, the Congress enacted and President Clinton signed into law the Gramm-Leach-Bliley Act repealing part of the Glass–Steagall Act. Resistance to enacting the 1998 bill as well as the subsequent 1999 bill centered around the bill's language which expanded the types of banking institutions into other areas of service but would not be subject to CRA compliance in order to do so.
The new Gramm-Leach-Bliley Act's FDIC-related provisions insured any bank holding institution wishing to be re-designated as a financial holding institution by the Board of Governors of the Federal Reserve System would also have to follow Community Reinvestment Act compliance guidelines before any merger or expansion could take effect.
On signing the Gramm-Leach-Bliley Act, President Clinton said "it establishes the principles that, as we expand the powers of banks, we will expand the reach of the Community Reinvestment Act".
Like I said, Clinton put the CRA on steroids.
So what is it that's giving you such an upset tummy? Do you even remember what it was?