CDFI Fund Transparency Act
The CDFI Fund Transparency Act would amend the Community Development Banking and Financial Institutions Act of 1994 to require annual testimony about the CDFI Fund’s operations. Specifically, the Secretary of the Treasury (or their designee) would, at the discretion of the chairs of the Senate Banking Committee and the House Financial Services Committee (or their subcommittees), testify each year on the Fund’s activities for the prior fiscal year. The bill’s goal is to increase transparency and accountability of how the CDFI Fund is managed and how its resources are used. The requirement is contingent on the committee chairs’ decision to schedule such testimony. Sponsors named in the text include Senators Daines, Warner, Crapo, and Warnock; the bill was introduced in the 119th Congress.
Key Points
- 1Adds a new annual testimony requirement to 12 U.S.C. 4703(b) (the CDFI Act) by creating subsection (5), “Annual testimony.”
- 2The Secretary of the Treasury (or a designee) would testify about the Fund’s operations for the previous fiscal year.
- 3The testimony would be before the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services (or their subcommittees).
- 4The requirement is “at the discretion” of the chairs, meaning hearings would be scheduled at the chairs’ sole decision.
- 5The bill’s stated purpose is to increase transparency and accountability of the CDFI Fund’s operations.