Updated May 15, 2020

On May 15, the House of Representatives passed the HEROES (Health and Economic Recovery Omnibus Emergency Solutions) Act which includes $1 billion for the CDFI Fund. The Senate is not expected to take up the House-passed legislation but, instead, construct their own COVID-19 relief package. Votes on a Senate bill are not expected until June or even later.

Senators Jack Reed (D-RI), Susan Collins (R-ME), Bob Menendez (D-NJ), and Jon Tester (D-MT) led a bipartisan letter of support in the Senate to support the $1 billion ask. Thirty-seven Senators from both parties, who are listed below, signed on to support this letter.

As Americans continue to grapple with the economic impacts of COVID-19, CDFIs are on the front lines ensuring access to credit for impacted businesses, non-profits, healthcare facilities, and individuals in rural, urban, and Native communities. This $1 billion for the CDFI Fund will provide critical capital to CDFIs working on the ground to support the nation’s struggling businesses and communities.

OFN’s Public Policy Team worked closely with the House and Senate on the development of support letters and the inclusion of $1 billion in the next COVID-19 relief package. OFN is grateful for the advocacy efforts led by CDFI partners in California, Maine, Minnesota, Mississippi, Montana, and around the country to encourage bipartisan support across Congress.

For any questions, please contact Jamal Habibi at jhabibi@ofn.org

Senate Signatories:

  • Tammy Baldwin (D-WI)
  • Cory Booker (D-NJ)
  • Sherrod Brown (D-OH)
  • Ben Cardin (D-MD)
  • Tom Carper (D-DE)
  • Bob Casey (D-PA)
  • Susan Collins (R-ME)
  • Catherine Cortez Masto (D-NV)
  • Steve Daines (R-MT)
  • Tammy Duckworth (D-IL)
  • Dick Durbin (D-IL)
  • Dianne Feinstein (D-CA)
  • Kirsten Gillibrand (D-NY)
  • Kamala Harris (D-CA)
  • Maggie Hassan (D-NH)
  • Martin Heinrich (D-NM)
  • Mazie Hirono (D-HI)
  • Angus King (I-ME)
  • Amy Klobuchar (D-MN)
  • Ed Markey (D-MA)
  • Bob Menendez (D-NJ)
  • Jeff Merkley (D-OR)
  • Patty Murray (D-WA)
  • Gary Peters (D-MI)
  • Jack Reed (D-RI)
  • Jacky Rosen (D-NV)
  • Bernie Sanders (D-VT)
  • Brian Schatz (D-HI)
  • Jeanne Shaheen (D-NH)
  • Tina Smith (D-MN)
  • Debbie Stabenow (D-MI)
  • Jon Tester (D-MT)
  • Tom Udall (D-NM)
  • Chris Van Hollen (D-MD)
  • Elizabeth Warren (D-MA)
  • Sheldon Whitehouse (D-RI)
  • Ron Wyden (D-OR)
 

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