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Media Centre | COSATU Press Statements
Community Reinvestment Bill
26 August 2003
The Congress of South African Trade Unions has been given to understand, in engagements at NEDLAC, that government plans to withdraw the Community Reinvestment Bill.
The Bill represented a cornerstone of efforts to ensure that working people have access to affordable home loans. It provided for government monitoring and evaluation of financial institutions in this regard. That, in turn, represented an important first s tep toward reformation of the financial sector to ensure that it serves all our people.
Instead of using its own power, government now wants to rely on bilaterals with the financial sector through the Financial Sector BEE Charter process. This process is closed, secretive and exclusive, and cannot replace action by the democratic state with c o-operation from NEDLAC.
This type of unilateral action can only undermine the collaborative approach developed at the recent Growth and Development Summit.
Government should immediately reverse its decision and take forward the Community Reinvestment Bill.
Acting COSATU Spokesperson