U.S. Sen. Steve Daines (R-MT) on Sept. 4 sponsored bipartisan legislation that would help ensure transparency and accountability regarding the operations of the Community Development Financial Institutions (CDFI) Fund, which aims to economically empower America’s underserved and distressed communities.
“CDFIs play a critical role in helping hard-working families in Montana, especially those in rural or underserved communities, gain access to the opportunities they need for financial success,” Sen. Daines said. “I’m proud to join my colleagues in introducing this bipartisan amendment that will help boost economic development and ensure transparency surrounding the operations of the CDFI fund.”
The CDFI Fund Transparency Act, S. 2704, which U.S. Sen. Mark Warner (D-VA) signed on to as the lead original cosponsor, would require the U.S. Treasury Secretary, or a designee of the secretary, at the discretion of the chairman of the U.S. Senate Banking, Housing, and Urban Affairs Committee and the chairman of the U.S. House Financial Services Committee, to annually testify about the operations of the CDFI Fund during the previous fiscal year, according to the text of the bill.
“Since its inception over three decades ago, the CDFI Fund has played a crucial role in fostering economic growth in low-income and rural communities across Virginia,” said Sen. Warner. “By requiring greater oversight over the program, this bipartisan bill will boost accountability and transparency, allowing the fund to better serve communities.”
America’s Credit Unions endorsed S. 2704, which has been referred for consideration to the Senate Banking, Housing, and Urban Affairs Committee.
Sen. Daines, a member of the bipartisan Senate CDFI Caucus, also joined his colleagues in sending a July 29 letter to the Office of Management and Budget urging the disbursement of $324 million in congressionally appropriated funding for the CDFI Fund.