Congressman Cleaver Co-Hosts Midwest Banking Summit With Reps. Clay and Beatty

(Washington, D.C.) – Last night, United States Representative Emanuel Cleaver, II (D-MO), along with Representatives Wm. Lacy Clay (D-MO) and Joyce Beatty (D-OH), co-hosted the Midwest Banking Summit. As Chairs of three separate Financial Services Subcommittees, Cleaver, Clay and Beatty welcomed Midwestern stakeholders to hear their perspectives on financial services issues facing the region. Topics discussed at the summit included the Community Reinvestment Act (CRA), housing affordability, access to capital, and other banking issues that attendees considered significant to the Midwest. The input gained from this summit will help focus the work and energy of the three subcommittee chairs as they work to focus their priorities for the balance of 2019 and into 2020.

"I want to thank all of the participants who graciously traveled to the nation's capital to provide the local input that is critical to congressional decision-making," said Congressman Cleaver. "When we look at different regions of the country, I believe the Midwest is in a prime position to capitalize on our potential for greater economic growth and opportunity. However, there are critical obstacles that we must attack head-on if we are to realize our promising future. Today's discussion was an opportunity for leaders of the Financial Services Committee to hear from local financial institutions on ways in which Congress can promote more affordable housing, easier access to credit, and greater investment in our Midwestern communities. I look forward to working with Reps. Clay and Beatty as we seek to turn some of these ideas into legislation, and, ultimately, into law."

"Forums like this one are vital because it allows us to hear firsthand from a diverse set of stakeholders about the unique economic opportunities and untapped potential of the Midwest," Congresswoman Beatty said. "The lack of affordable housing, need for community reinvestment, and persistent economic inequality, as well as access to capital for small business owners and aspiring entrepreneurs, are important to Ohio's Third Congressional District. That is why I want to make sure Congress is doing more to improve outcomes and meet the needs of Central Ohioans and hardworking families across the country."

"It is clear that as policymakers, we have role to play to ensure a level playing field for all," said Congressman Clay. "The CFPB has proven its worth by returning more than $12 billion to consumers since its inception despite its doubters; the FHA at $1.3 trillion, has the largest mortgage insurance portfolio in the world, and in addition to its countercyclical role, also helps create homeownership opportunities for minorities and many other underserved, non-prime borrowers, the vast majority of which mature into responsible homeowners; and the SBA, along with the Department of Commerce's Minority Business Development Agency, help to level the playing field for many minority businesses competing globally, that may have been traditionally excluded from business and commercial opportunities. These agencies and their participation in the public-private partnerships are critical for the role that they play in helping new businesses start, lending integrity and credibility to raw capitalism, and allowing the American Dream to flourish."

Participants of the Midwest Banking Summit included: The Affordable Housing Trust, National Church Residences, Heartland Credit Union, Kansas City LISC, Community Builders of Kansas City, Urban League of Greater Kansas City, Huntington Bank, Ohio Bankers League, Columbus Partnership, City of Columbus, Ohio Housing Finance Agency, Michigan Department of Labor and Economic Opportunity, and other financial institutions.

Emanuel Cleaver, II is the U.S. Representative for Missouri's Fifth Congressional District, which includes Kansas City, Independence, Lee's Summit, Raytown, Grandview, Sugar Creek, Blue Springs, Grain Valley, Oak Grove, North Kansas City, Gladstone, Claycomo, and all of Ray, Lafayette, and Saline Counties. He is a member of the exclusive House Financial Services Committee; Chairman of the House Subcommittee on National Security, International Development, and Monetary Policy; member of the Select Committee on the Modernization of Congress; member of the Committee on Homeland Security; and a Senior Whip of the Democratic Caucus. For more information, please contact Matthew Helfant at 202-225-4535 or Matthew.Helfant@mail.house.gov A high-resolution photo of Congressman Cleaver is available here.