Senate or work with the leadership of the Senate Banking
- - more - -
Committee Co develop comparable legislation. As Peingold stated
in his written testimony, we must, "ensure that the strongest
possible measure becomes law."
Peingold also raised the possibility of imposing on the
insurance industry requirements similar to those in^osed on banks
under the Community Reinvestment Act.
"The moral imperative is obvious," said Peingold, "but this
insidious practice is also having a disastrous impact on the
economic prospects of our minority neighborhoods and stifling
local business development, we need to make sure that the
insurance industry is fair to ail American families."
It has been reported that discriminatory practices by
insurance industry are widespread throughout the United States.
Milwaukee received national attention recently in an expose aired
by the Cable News Network.
"It is not only disturbing that discrimination continues to
exist today, but it troubles me even more that the national media
is describing Milwaukee as a city famous for beer that has become
infamous for redlining, we must remedy the situation so that the
actions of a few do not discredit the rest of the citizens of
Milwaukee and Wisconsin, " Feingold testified.
The House Subcommittee on Consumer . Credi t and Insurance held
its hearing in Milwaukee at the request of O.S. Rep. Thomas
Barrett. Feingold praised Barrett for his work on the issue.
Peingold and Barrett worked on anti -redlining bills in the state
Page 3 .
Feingold also thanked Barrett for helping to bring the
hearing to Milwaukee, saying, "It is critical that Congress seeks
to take every opportunity to bring the legislative process to the
people whose lives are actually being affected by the laws made
in Washington. "
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