U.S. Senator Steve Daines (R-Mont.) is leading a bipartisan effort to increase transparency and accountability in the federal Community Development Financial Institutions (CDFI) Fund, introducing the CDFI Fund Transparency Act alongside Senators Mark Warner (D-Va.), Mike Crapo (R-Idaho), and Raphael Warnock (D-Ga.).
The legislation would require the Secretary of the Treasury to testify annually before Congress on the operations of the CDFI Fund, which provides critical financing to low-income, rural, and underserved communities.
“CDFIs play a critical role in helping hardworking families in Montana, especially those in rural or underserved communities, gain access to the opportunities they need for financial success,” 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, established more than three decades ago, has helped channel capital to small businesses, homeowners, and housing developers who often face barriers accessing traditional financing. Supporters of the bill argue that annual reporting will strengthen oversight and ensure the fund remains focused on serving the communities that need it most.
Jim Nussle, President and CEO of America’s Credit Unions, praised the legislation, crediting Daines for his leadership: “Transparency builds trust among decision makers and the public. The provisions within this bill are essential to ensuring the CDFI Fund continues its impact for millions of Americans in need, and we urge Congress to advance and pass this legislation.”
Daines has been a consistent advocate for CDFI programs in the Senate. He serves on the bipartisan Senate CDFI Caucus and, earlier this year, joined colleagues in urging the Office of Management and Budget to release $324 million in appropriated CDFI funding. He also co-sponsored an amendment to the National Defense Authorization Act that would extend the CDFI Bond Guarantee Program by four years while lowering the minimum bond amount from $100 million to $25 million—steps aimed at expanding access for smaller community lenders.
By: DNU staff