Leading a torrent of criticism, President Clinton vowed Wednesday to veto the financial reform bill authored by Sen. Phil Gramm unless he makes significant concessions, including strengthening its community reinvestment requirements.

"The bill would undermine the effectiveness of the Community Reinvestment Act, a law that has helped to build homes, create jobs, and restore hope in communities across America," the President wrote to the Senate Banking Committee chairman on the eve of the panel's vote.

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