Sen. Steve Daines
U.S. Sen. Steve Daines (R-MT) on Oct. 10 applauded U.S. Senate passage of the National Defense Authorization Act (NDAA) for Fiscal Year 2026, which includes a military pay raise, as well as his bipartisan bill to ensure operations surrounding the federal program that promotes economic revitalization and community development in economically disadvantaged communities are more transparent.
“We owe our servicemen and women and their families a debt of gratitude that is impossible to repay, so the least we can do is give them a pay raise,” Sen. Daines said. “In addition, my bill to increase economic prosperity for rural communities was included, which will have an enormous impact in Montana.”
In addition to a proposed military pay raise, the Senate-approved NDAA includes the CDFI Fund Transparency Act, S. 2704, which Sen. Daines sponsored on Sept. 4 alongside lead original cosponsor U.S. Sen. Mark Warner (D-VA) to amend the Community Development Banking and Financial Institutions Act of 1994 to increase transparency and accountability regarding the operations of the Community Development Financial Institutions (CDFI) Fund.
Specifically, the bill aims to improve accountability of the CDFI Fund and expand capital access for rural and underserved communities.
If enacted as part of the NDAA, annual testimony from the U.S. Department of Treasury would be required regarding the performance and operations of the CDFI Fund.
Currently, there are 12 CDFIs and three Native CDFIs headquartered in Montana, and the bill is supported by all of Montana’s credit unions and community banks, according to information provided by the lawmaker’s staff.
“Senate Republicans are delivering on their promises and we’ll keep fighting to advance the commonsense America-first policies the American people voted for,” said Sen. Daines.