On June 12, the House Appropriations Financial Services and General Government (FSGG) Subcommittee held a hearing, during which U.S. Secretary of the Treasury Steven Mnuchin testified about the administration’s FY18 budget proposal. In anticipation of this hearing, OFN submitted a letter to the leadership of the House and Senate Appropriations Committees signed by all OFN Members in support of funding for the CDFI Fund in FY18.
During the hearing, three members of Congress made statements in support of the CDFI Fund:
- Rep. Nita Lowey (D-NY-17), Ranking Member, House Appropriations Committee
- Rep. Mike Quigley (D-IL-5), Ranking Member, House FSGG Subcommittee
- Rep. Jaime Herrera Beutler (R-WA-3), Vice Chair, House FSGG Subcommittee
Their statements highlighted stories of the work CDFIs have led in their districts, the impact of CDFIs nationwide, and why funding for the CDFI Fund should be preserved. Highlights of their statements were:
Rep. Lowey: “CDFIs expand economic opportunity for underserved communities by supporting the growth and capacity of a national network of community development lenders. This program’s elimination is incomprehensible to me.”
Rep. Quigley: “This is not only a hugely successful program, but it’s bipartisan, which is evidenced through the increased funding it received in this year’s omnibus.”
Rep. Herrera Beutler: “One CDFI in my district has invested over $30 million in small businesses and rural economic development, which would not have been possible without the support of this Fund. That funding helped create 600 jobs. And I will point as well, again I come back to the imagery you used earlier when you talked about traveling with the President to certain areas, the people that you were reaching with the message you were reaching, this is this type of county.”
OFN sent thank you tweets to these representatives for their support of the CDFI Fund during the hearing. If your CDFI lends in their district, make sure they also hear from you! Tweet them, call their office, or send an email.