Statement of Comptroller of the Currency John C.
Dugan
Following Tour of Chicago Community
Development Projects
WASHINGTON – Comptroller of
the Currency John C. Dugan issued the following statement following a tour of
community development projects in Chicago
yesterday:
One of the most rewarding aspects of my job is the
opportunity I get to see how national banks make a difference in their
communities. Yesterday, I visited
Chicago's west side and saw a number of housing and community development
projects that are contributing to the vitality and economic well-being of their
neighborhoods – thanks in large measure to involvement by national banks.
This trip highlighted in a very
visible way the important role that national bank Part 24 public welfare
investment authority plays in local communities. Community-based organizations
have partnered with national banks in a number of key projects in the near
west side to create affordable housing using Low Income Housing Tax Credits in
which banks are major investors.
Banks have also provided
significant funding for ICNC's Fulton
Carroll Center,
which provides space and business assistance that has helped spur the formation
of over 200 businesses and create more than 1,600 jobs.
The community development projects I saw in Chicago represent only a
small piece of what national banks have accomplished under Part 24. Over the last decade, national banks have
invested more than $15 billion to build affordable housing, create jobs in
low-income communities, and revitalize neighborhoods across the country.
Congress is now considering regulatory relief legislation
that would expand the ability of banks to invest under Part 24, and what I saw
today gives me confidence that national banks would use that added authority to
fill needs that might otherwise go unmet.
I strongly support this increased authority as a way to bring billions
more to projects like these all over the country, and I hope any final
legislation approved by Congress includes this provision.
# # #