In the United States we have laws, regulations and government agencies that are responsible for assisting low and moderate income communities achieve stability and prosperity. The Community Reinvestment Act (CRA) is one of tools we have available to us. CRA says that banks and other lending institutions must provide lending and financial services to low and moderate income communities in their operational geographical areas.
The stakeholder we are concerned with today is Goldman Sachs. Goldman Sachs is one of the main financial institutions responsible for the 2008 recession and the loss of homes and financial resources in our low and moderate income communities. Goldman Sachs is now a bank holding company and wants to purchase G.E. Financial. Goldman Sachs has been irresponsible in regards to community reinvestment.
We want the Federal Reserve Board to stop the Goldman Sachs' purchase of G.E. Financial and hold hearings on Goldman Sachs' Community Reinvestment practices. We, and organizations from around the nation, are demanding that the Federal Reserve Board force Goldman Sachs to work with our communities to create a formal Community Reinvestment plan, and to reinvest in our communities.
Join us in the fight for economic and social stability and prosperity. Sign and submit it by October 30, 2015. We’ve also attached background information on the behavior of Goldman Sachs.