U.S. Rep. John Moolenaar (R-MI) introduced a bipartisan bill to authorize a grant program that would bolster the capacity of community development financial institutions (CDFIs) through alignment with national service participants.
“I am proud to work with my colleagues across the aisle to introduce this legislation which supports workforce development and community partnerships across the country,” Rep. Moolenaar said on July 22. “This legislation will improve access to services for hardworking Americans at financial institutions in their communities.”
Rep. Moolenaar on July 18 introduced the Economic Mobility Corps Act of 2019, H.R. 3845, with bill sponsor U.S. Rep. Derek Kilmer (D-WA) to expand the direct services of certified nonprofit CDFIs by placing national service members from the Corporation for National and Community Service at the CDFIs.
The same-named S. 884 was unveiled in March by U.S. Sens. Bill Cassidy (R-LA) and Chris Coons (D-DE).
CDFIs, which were created in 1994, provide financial products and services to low-income and distressed communities. The Corporation for National and Community Service could help increase the talent, human capacity and services currently needed at CDFIs, according to Rep. Moolenaar’s office.
If enacted, the legislation would authorize a grant program to be jointly run by the Corporation for National and Community Service and the U.S. Treasury Department to place national service members at certified CDFIs. The measure also would permit service members to elect to remain in the CDFI industry following their service at a CDFI.
The Economic Mobility Corps Act is endorsed by the CDFI Coalition and Voices for National Service.