§ 4701. — Findings and purposes.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC4701]
TITLE 12--BANKS AND BANKING
CHAPTER 47--COMMUNITY DEVELOPMENT BANKING
SUBCHAPTER I--COMMUNITY DEVELOPMENT BANKING AND FINANCIAL INSTITUTIONS
Sec. 4701. Findings and purposes
(a) Findings
The Congress finds that--
(1) many of the Nation's urban, rural, and Native American
communities face critical social and economic problems arising in
part from the lack of economic growth, people living in poverty, and
the lack of employment and other opportunities;
(2) the restoration and maintenance of the economies of these
communities will require coordinated development strategies,
intensive supportive services, and increased access to equity
investments and loans for development activities, including
investment in businesses, housing, commercial real estate, human
development, and other activities that promote the long-term
economic and social viability of the community; and
(3) community development financial institutions have proven
their ability to identify and respond to community needs for equity
investments, loans, and development services.
(b) Purpose
The purpose of this subchapter is to create a Community Development
Financial Institutions Fund to promote economic revitalization and
community development through investment in and assistance to community
development financial institutions, including enhancing the liquidity of
community development financial institutions.
(Pub. L. 103-325, title I, Sec. 102, Sept. 23, 1994, 108 Stat. 2163.)
References in Text
This subchapter, referred to in subsec. (b), was in original ``this
subtitle'', meaning subtitle A of title I of Pub. L. 103-325, Sept. 23,
1994, 108 Stat. 2163, which is classified principally to this
subchapter. For complete classification of this subtitle to the Code,
see Short Title note below and Tables.
Short Title
Section 1(a) of Pub. L. 103-325 provided that: ``This Act [see
Tables for classification] may be cited as the `Riegle Community
Development and Regulatory Improvement Act of 1994'.''
Section 101 of title I of Pub. L. 103-325 provided that: ``This
subtitle [subtitle A (Secs. 101-121) of title I of Pub. L. 103-325,
enacting this subchapter and section 1772c-1 of this title, amending
sections 1766 and 1834a of this title, section 5313 of Title 5,
Government Organization and Employees, section 11 of Pub. L. 95-452 set
out in the Appendix to Title 5, section 657 of Title 18, Crimes and
Criminal Procedure, and section 9101 of Title 31, Money and Finance, and
enacting provisions set out as a note under section 11 of Pub. L. 95-452
set out in the Appendix to Title 5] may be cited as the `Community
Development Banking and Financial Institutions Act of 1994'.''
