NEW YORK - Treasury Secretary Robert Rubin toured on Friday three South Bronx neighborhoods that he said had been rebuilt with money made available through the Community Reinvestment Act.
"It is imperative to keep the CRA and make it work," Mr. Rubin said, standing on a milk crate in one of the revitalized neighborhoods.
The Treasury chief's pitch comes as congressional Republicans prepare to rewrite the 1977 law. The administration has argued that rules adopted recently by the banking agencies should be given time to work.
"We are absolutely opposed to rolling back the CRA," Mr. Rubin added, arguing that the economic well-being of the country depends on dealing with the economic issues of the inner city.
Accompanying Mr. Rubin on the tour Friday morning was Ed Miller, president of Chemical Banking Corp., Pam Flaherty, senior vice president at Citicorp, and Neil Levin, superintendent of banks in New York.