The Federal Home Loan Bank System Modernization Act of 1997 Mr. Chairman, thank you for holding this hearing today. It is important to examine the need for reform in the Federal Home Loan Bank System in the context of the rapid changes in financial services over the last decade. I am also pleased to see that some of my colleagues recognize the importance of ensuring the availability of capital in communities.
I would like to take the opportunity to commend the Federal Home Loan Bank in my hometown of Chicago. The Chicago Bank has employed innovative programs to better fulfill its mission, and has consistently demonstrated a deep commitment to community investment.
The bill we are considering today would reform the Federal
Home Loan Bank System by providing for voluntary membership,
creating a new form of capital structure and reapportion the Banks'
payments for Resolution Funding Corporation bonds. However, I
am certain that the witnesses here today will focus on the bill's
provisions for expanded collateral and advances. I am looking
forward to hearing from the witnesses about these issues. Again,,
thank you Mr. Chairman for holding this hearing.
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