Federal Reserve Bank of San Francisco

Community Development

The Community Reinvestment Act: Good Goals, Flawed Concept

Author(s): Lawrence J. White, Stern School of Business, New York University

July 2009

Community Development Investment Review

My views about the Community Reinvestment Act (CRA) surely differ from those of many of the other individuals who will contribute to this volume. I believe that, despite the good intentions and worthwhile goals of the CRA’s advocates, the CRA is an inappropriate instrument for achieving those goals.

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