Congressmen Scott and Pittenger Introduce Bipartisan Legislation to Clarify Commercial Real Estate Lending Rules
Posted by on April 26, 2017

Today, Congressman David Scott (D-GA) and Congressman Robert Pittenger (R-NC) introduced bipartisan legislation to clarify and improve certain regulations which have created confusion and unnecessary costs in commercial real estate lending.

In January 2015, the Federal Reserve and Office of the Comptroller of the Currency adopted regulatory capital rules related to “high volatility commercial real estate” (HVCRE).  Despite repeated requests from community banks, other financial institutions, and real estate developers, federal regulators failed to clearly define the types of loans and projects to which the rules are meant to apply.  As a result, many banks have pulled back from commercial real estate lending, leading to fewer jobs and slower economic growth.

“There is no doubt that in my district, the state of Georgia, and our country as a whole we are just now getting back on our collective feet after the financial crisis,” said Congressman Scott (GA-13).  “As an original cosponsor of Dodd-Frank and avid supporter of keeping our banking system safe, I recognized, in the aftermath of the crisis, the need for dramatic changes to how regulations work in finance.  However, with any law or regulation, nothing is perfect and we now have years of real-world experience that shows us what’s working and what isn’t.  Mr. Pittenger’s bill is exactly the type of technical fix our economy is hungry for, but moreover, this bill is carefully crafted so we aren’t sending ourselves back to a time when financial regulation resembled the Wild West.”

“Regulation is necessary for an orderly economy, but when regulators fail to provide clarity or address the real-world problems created by their rules, then Congress must act,” said Congressman Pittenger.  “This is a highly-technical bill, but it directly impacts the local economy.   Without access to capital, entrepreneurs can’t create jobs or build housing or generate economic activity.  Thank you to Congressman Scott for working with me on this important reform.”

Congressman Scott and Congressman Pittenger’s bipartisan legislation, Clarifying High Volatility Commercial Real Estate Loans (H.R. 2148), better defines which types of loans must comply with the HVCRE regulations. 

  • Provides a specific, legal definition for “high value commercial real estate acquisition, development, or construction loan” (HVCRE ADC loan), correcting an overly broad definition which currently forces many stable loans to remain in the HVCRE category and unnecessarily increases costs. 

  • Restores common sense standards for the amount and type of equity required to include the appraised value of the land and not just the purchase price.

  • Eliminates the all-cash equity requirement which currently makes it difficult for small-to-medium sized developers and entrepreneurs to compete.

  • Clarifies when the loan on a completed development may exit the HVCRE requirements.

  • Adds an exemption from HVCRE requirements for refinancing or acquiring an existing, income-producing development.

H.R. 2148 is supported by more than a dozen trade associations, including the Independent Community Bankers Association, National Apartment Association, National Association of Home Builders, Mortgage Bankers Association, National Association of Realtors, The Real Estate Roundtable, National Multifamily Housing Council, National Association of Real Estate Investment Trusts, NAIOP Commercial Real Estate Development Association, International Council of Shopping Centers, Institute of Real Estate Management, Commercial Real Estate Finance Council, CCIM Institute, and Building Owners and Managers Association International.

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2017 Academy Day Registration
Posted by on March 27, 2017

Join the Office of Congressman David Scott, Senators Johnny Isakson and David Perdue, & the Members of Georgia’s Congressional Delegation to meet representatives of America’s Service Academies.

Saturday, April 29, 2017 | 10:00 am – 11:30 am
Dobbins Air Reserve Base, Hangar 5
Marietta, GA 30069


Each and every person in your party must complete a registration form online. The registration deadline is April 17, 2017 at 5:00 pm.

Persons who have not completely registered, including date of birth, will not be admitted onto the military base. This information is being used for background checks to preserve the safety of all guests.

You will receive a confirmation sheet within 10 days after registration via e-mail.  The confirmation sheet should be placed in your front window for entrance to the military base. You will be asked to provide identification at the guard gate at Dobbins ARB located on Cobb Parkway. And you will also be asked to pass through metal detectors before entering the event so please arrive between 8:45 am and 9:30 am to allow time for these safety measures.

For directions, a list of prohibited items and a map visit:

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Congressional Black Caucus Foundation Scholarships
Posted by Sheila Davis on March 24, 2017

Congressional Black Caucus Spouses Heineken USA Performing Arts Scholarship

Established in the year 2000 in honor of the late Curtis Mayfield, this scholarship was developed to ensure that students pursuing performing arts careers receive financial assistance to achieve their goals.  Applicants must have a minimum grade point average of 2.5 on a 4.0 scale. 

Scholarship applications and requirements are available online at www.cbcfinc.org/cbcf-scholarships.html.

ALL  completed applications and materials must be submitted by April 21, 2017.

Congressional Black Caucus Spouses Visual Arts Scholarship

This scholarship was established in 2006 for students who are pursuing a career in the visual arts.  Applicants must have a minimum grade point average of 2.5 on a 4.0 scale. 

Scholarship applications and requirements are available online at www.cbcfinc.org/cbcf-scholarships.html.

ALL  completed applications and materials must be submitted by April 21, 2017.

Congressional Black Caucus Spouses Education Scholarship

The CBC Spouses Educational Scholarship is a national program that awards scholarships to academically talented and highly motivated students who intend to pursue full-time undergraduate, graduate or doctoral degrees.  Established in 1988, the fund has experienced substantial growth and is operated through the district offices of the members of the Congressional Black Caucus (CBC).  Applicants must have a minimum grade point average of 2.5 on a 4.0 scale.    

Scholarship applications and requirements are available online at www.cbcfinc.org/cbcf-scholarships.html.

ALL  completed applications and materials must be submitted by May 19, 2017.

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Reps. Scott, Conyers, and Waters, and Sen. Warren Applaud Appointment of Raphael Bostic to Atlanta Federal Reserve Bank
Posted by on March 13, 2017

United States Representatives David Scott (D-GA), a senior member of the Financial Services Committee; John Conyers, Jr. (D-MI), Ranking Member on the Judiciary Committee; and Maxine Waters (D-CA), Ranking Member on the Financial Services Committee; and Senator Elizabeth Warren (D-MA), today released the following statements to recognize the historic appointment of Raphael Bostic to be the President of the Atlanta Federal Reserve Bank. Bostic will become the first African-American President of a Federal Reserve Bank in the Fed's 100 year history. The Members of Congress applauded today's announcement and encouraged the Fed to continue to diversify the leadership of banks across the country.

"I could not be more thrilled about today's announcement regarding Raphael Bostic being named the next Atlanta Regional Bank President," said Congressman Scott.  "This marks an historic event for our Federal Reserve System.  In over 100 years of its existence, never has there once been an African American as a Regional President. That all ends today."

 "The selection of President Raphael Bostic to lead the Atlanta Reserve break is a historic step on the long road to equality and justice for people of color in the United States," Congressman Conyers said. "I am pleased that Federal Reserve officials have taken this important step to fulfill Congress's call to diversify their leadership, both in terms of race and occupational background. Not only is he the first African-American regional bank president, but he is also a champion for families struggling in today's economy, and does not come from the corporate background that is already overrepresented at the Fed.  I greatly look forward to working with President Bostic to ensure that progress towards the full employment vision laid out by Dr. King and Coretta Scott King is fulfilled for all of America's people."

"Mr. Bostic is an outstanding choice," said Congresswoman Waters, Ranking Member of the House Committee on Financial Services. "His wealth of experience and research on wealth disparities and barriers to economic opportunity will play a critical role in shaping the economic policy decisions that affect all American families. Given the disparate economic experiences faced by key demographic groups, it is crucial that a broader cross-section of groups have a seat at the decision-making table. I congratulate Mr. Bostic on his appointment and encourage the Federal Reserve Bank of Richmond, working with the Board of Governors, to build on today's announcement by conducting the genuine and intentional efforts needed to build diversity at the Fed and ensure its senior leaders reflect the interests of America as a whole."
"Raphael Bostic is an excellent choice to head the Atlanta Fed. He has extensive experience researching how economic policy affects working families," Senator Warren said. "I am glad to see Raphael's appointment, and I encourage the Fed to further strengthen its leadership by bringing on additional people with diverse backgrounds to serve in key roles."

In May of 2016, Sen. Warren and Rep. Conyers led a letter to Fed Chair Janet Yellen calling for more diversity in the Federal Reserve's leadership; the letter was signed by 116 members of the House and 11 senators. In October 2016, Reps. Scott, Conyers, Waters, and John Lewis sent a letter to the Fed specifically calling for the Atlanta Federal Reserve Bank position to be filled by a diverse candidate. 

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Rep. David Scott joins Reps. Hultgreen and Messer to Reintroduce Transparency in Student Lending Act
Posted by on March 6, 2017

U.S. Representatives David Scott (D-GA-13), Randy Hultgren (R-IL-14),  and Luke Messer (R-IN-6) have reintroduced legislation to improve the information provided about federal student loans to students and families by requiring the annual percentage rate (APR) to be disclosed. The APR helps borrowers understand the true cost of a loan so they can make good financial decisions. Current law mandates that the APR must be disclosed upfront before someone borrowing from a bank signs on the dotted line. Borrowers of loans issued by the Department of Education are not provided this information up front.

“Every student should be able to make an informed decision about how to best finance their education,” said Congressman Scott. “This legislation is a good step toward increasing transparency and accessibility for students who take out federal loans to fund their higher education.”

“The federal government omits the annual percentage rate when presenting the cost of a loan to young borrowers and families, doing them a gross disservice as they make plans for future payments,” said Congressman Hultgren. “The Department of Education is the largest consumer lender in the United States, and should provide the most transparent and helpful information to borrowers. Helping borrowers understand their debt obligations is an important first step to ensuring they are able to make their payments, and also helps prevent taxpayers from being on the hook for delinquent borrowers.”


  • In 1969, the Truth in Lending Act passed Congress with the intention "to provide the American consumer with truth-in-lending and truth-in-advertising” when pursuing loans.
  • In 2008, Congress applied Truth in Lending Act disclosure requirements to private, but not federal, student loans.
  • Since then, federal student loans issued directly by the Department of Education—which have origination fees—have grown from a small segment of the market to more than 90 percent of originations each year.
  • The Transparency in Student Lending Act, H.R. 1283, aims to provide more information to consumers by requiring the disclosure of the annual percentage rate at the time of application for a federal student loan. APR is expressed as a single percentage number that represents the actual yearly costs of funds over the term of the loan and takes into account the stated interest rate of the loan and any fees or additional costs associated with the loan.

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    Congressman David Scott Celebrates Women's History Month
    Posted by on March 1, 2017

    "In celebrating Women’s History Month, we should not only look back on the inspiring past, but understand the present, and work towards a better future for women. The women’s suffrage movement took form in 1848 with the organization of a convention in Seneca Falls, New York by Lucretia Mott and Elizabeth Cady Stanton. Later Susan B. Anthony would join in to help increase public awareness and participation, as well as lobby the government.

    "On August 18th, 1920, the United States ratified the 19th amendment which granted women the right to vote. Since then, women have soared to heights once deemed impossible, yet there is still more work to be done.

    "In Congress, I continue to work on behalf of women to ensure that their future is brighter than ever before. In this session, I have cosponsored legislation to address such issues, like House Joint Resolution 33, which proposes a constitutional amendment declaring that women shall have equal rights in the United States and every place subject to its jurisdiction. In addition, this amendment would prohibit the United States or any state from denying or abridging equal rights under the law on account of sex.

    "I am also proud to have recently cosponsored H.R. 255, the Promoting Women in Entrepreneurship Act, which authorizes the National Science Foundation to encourage its entrepreneurial programs to recruit and support women, to extend their focus beyond the laboratory and into the commercial world. This bill became Public Law (115-6) after it was signed by President Trump on February 28th, 2017.

    "Women have always been a driving force behind the greatness of this country and I can assure you, that I will continue to be an advocate for women’s rights going forward."

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    Black History Month Spotlight: George Washington Carver and HR 51
    Posted by on February 23, 2017

    As we continue to celebrate Black History Month, we remember those who have made opportunities possible for so many, like George Washington Carver (1864-1943). In 1890, Carver enrolled in Simpson College in Indianola, Iowa, where he studied Art. He later transferred to Iowa State to study agriculture, where he earned his Master’s degree by 1896. After accepting an offer from Booker T. Washington, Carver then moved to Alabama where he served as the head of the Agricultural Department at Tuskegee Institute (a historically black college, HBCU). Carver’s research at Tuskegee was innovative in improving efficiency for farmers. Carver became a figure head in agriculture and an icon for the black community.

    Carver’s contributions to society can still be felt in places like our home state of Georgia. Even with Carver’s success in agriculture and at an HBCU, there is still more to be done. I am proud to be working to address these issues by introducing legislation in Congress, H.R. 51, the Funding for Student Scholarships for the 1890s Land-Grant African-American Colleges and Universities Act. This bill would establish and provide funding for a grant program through the U.S. Department of Agriculture for scholarships for students who attend historically black colleges and universities established under the Second Morrill Act of 1890. It would allow the USDA to award scholarships to students who want to attend these colleges and intend to pursue a career in the food and agricultural sciences.

    Our commitment to the success of our young people is always a priority in hopes for American’s bright future. I will continue to do the work necessary to ensure these possibilities.

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    Congressman David Scott Celebrates Black History Month: Remember Black Wall Street
    Posted by on February 7, 2017

    In the spirit of Black History Month, remembering key moments in black history, like the days of “Black Wall Street,” is critical in shaping the future for African-Americans. In the early 1900s, the Greenwood district of Tulsa, Oklahoma was home to hundreds of black-owned business, many black multi-millionaires, an envied school system, and a remarkably high employment level. This affluent neighborhood was a microcosm of the American dream and a steeple for so many communities to strive towards.

    In this great country of ours, many African-Americans, and more importantly African-American men, still feel the effects of unjust policies that systematically have left them behind. The unemployment rate for black men has often sat at twice that of the national average, and stands at 7.7% currently.

    In an effort to address these issues I am proud to have introduced legislation, H.R. 52, Jobs, On-the-Job 'Earn While You Learn' Training, and Apprenticeships for African-American Young Men Act. This bill requires the Department of Labor to request labor unions, general contractors, and businesses that will rebuild infrastructure, transportation systems, technology and computer networks, and energy distribution systems to actively recruit, hire, and provide on-the-job training to African American men ages 18 to 39. It is a responsibility of mine to ensure that everyone in this country can take part in economic expansion and I will continue to work on behalf of all of my constituents to help those in need.

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    Applications open for CBCF Summer '17 Internship Program
    Posted by on January 30, 2017
    Applications must be submitted online by March 31, 2017.

    The CBCF Congressional Summer '17 Internship program offers undergraduate students the opportunity to learn about the legislative process, leadership and careers in the policy making process. Interns work in Congressional Black Caucus member offices, attend professional development events, and participate in leadership development projects.

    To apply, click here.


    • A $3,000 stipend for the Congressional Internship program
    • Housing at a local university
    • Eligibility to receive academic credit at the intern’s college or university (subject to institution’s requirements)


    • U.S. citizenship or a permit to work in the U.S. for the duration of the internship
    • Active full-time enrollment in college or recent graduation from college within twelve (12) months of internship application
    • Completion of at least 30 credits towards an undergraduate degree
    • Minimum GPA of 2.5 on a 4.0 scale
    • Demonstrated interest in public service, governance, and the policy-making process

    Selection Process

    Interns are selected based on the following criteria:

    • Solid scholastic achievement
    • Strong writing skills
    • Community service contributions
    • Evidence of leadership skills
    • Quality of application and, in some instances, interview performance

    Application Materials

    The completed online application must be submitted by midnight on 03/31/2017. The following items will be requested through the online application:

    1. A completed online application form, including the required short essays
    2. A one(1)-page resume listing extracurricular activities, honors, employment, community service, and special skills
    3. Three (3) letters of recommendation. We suggest at least one letter of recommendation written by a dean, department chair, academic adviser, or employer. Letters must be on official letterhead, state the recommender’s title, and provide contact information. Letters of recommendation must be submitted by the deadline date to be considered with the application. Please follow the instructions found in the application. Hard copy letters sent to the CBCF, as well as e-mails sent to the internship e-mail address, will not be accepted.
    4. A recent photograph suitable for publication (i.e. a graduation picture or other professional-quality photograph in which the subject is formally dressed)

    Additional Required Materials

    All of the above documents should be submitted through the online application. Official sealed transcripts from all institutions attended should be mailed to the CBCF at the following address and received by the application deadline:

    Congressional Internship Programs
    Congressional Black Caucus Foundation, Inc.
    1720 Massachusetts Ave., N.W.
    Washington, D.C. 20036

    The selection process is highly competitive. Applications are submitted to the CBCF and reviewed by a selection committee of CBCF staff. Finalists are selected and notified by the CBCF.

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    Land-grant HBCUs Seeking Aid from Congress
    Posted by on December 4, 2016

    Diverse Issues in Higher Education, December 4, 2016

    Land-grant HBCUs Seeking Aid from Congress ---

    by Reginald Stuart

    The nation’s 19 historically Black land-grant colleges (the so-called 1890 HBCUs), are expected this week to have a Congressional hearing on a plan to specifically strengthen the institutions’ financial abilities to provide formal education to minorities and others pursuing studies in the agricultural sciences.

    The full House Committee, chaired by Rep. Mike Conaway, R-Texas, plans to hear Wednesday morning from two panels — one of lawmakers and one of university presidents — about a House resolution (6020) that would provide each of the 19 institutions $1 million a year for five years to fund scholarships for students planning to pursue careers in the field of agriculture.

    The scholarship funds proposal by Rep. David Scott, D-Ga., represent what Scott notes is a “drop in the bucket” from the billions spent annually by the federal government to help higher education.

    Still, he says, there is positive action on the proposal for a variety of reasons. It would come at a crucial time in history, as the ranks of the nation’s agricultural farming and producer population are declining rapidly. The average age of the declining ranks — 60 years old, according to federal population studies — is getting higher and higher.

    Scott’s proposal also would give a needed boost to the 1890 colleges, a specific group of public colleges created to fulfill a post-Civil War effort by the government to provide agricultural education training and services to Blacks in 19 states.

    The 1890s have never been funded to address their mission on a comparable basis to their historically White counterparts regardless of the potential size of their target population, federal, state and private research reports say.

    The federal and state funding policies and practices are oft times cited as playing an important role in the demise during the last century of Black farms and Blacks in agriculture.

    Until the 1950s, Blacks were legally barred from attending the historically White land-grant colleges in those states.

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