With just a few days remaining before the new Fiscal Year (FY) begins on October 1, Congress is working to finalize their remaining FY 2019 spending bills and avoid a government shutdown.
On September 18, the Senate passed a short-term continuing resolution (CR) that would keep government agencies whose budgets have yet to be finalized funded at FY 2018 levels through December 7. The House of Representatives is expected to vote on the legislation next week. President Trump has sent mixed signals about whether he would sign the legislation.
The CDFI Fund programs, which are under the jurisdiction of the Financial Services and General Government (FSGG) subcommittee, would be included under the CR unless the House and Senate reach a compromise by September 30 on a four-bill “minibus” spending package that includes the FY 2019 Agriculture, Transportation-HUD, Interior-Environment and FSGG bills.
The CDFI Fund is well positioned as lawmakers work to iron out the remaining differences between their respective versions of the appropriations bills. Both the House and Senate have signaled strong support for the CDFI Fund throughout the appropriations process: the Senate’s FY 2019 FSGG bill allocated $250 million for the CDFI Fund while the House-approved version contained $223 million, a direct result of the CDFI industry’s ongoing advocacy efforts.