With the Latest Continuing Resolution, Threats to CDFI Funding Remain
MacKenzie Bills, Senior Associate, Public Policy, Opportunity Finance Network
Read time: 2 minutes
Federal lawmakers passed a bill to maintain current funding levels and keep the government open, but CDFI appropriations are still unresolved.
On November 16, President Biden signed a continuing resolution (CR) to avert a government shutdown. The CR takes a unique approach by creating two separate deadlines for funding different government agencies. The bill extends fiscal year 2023 funding levels to January 19 for the Departments of Transportation, Housing and Urban Development, Energy, Veterans Affairs, and Agriculture. The rest of the federal agencies, including Treasury and the CDFI Fund, are funded through February 2. The CR also extends the 2018 Farm Bill through September 30, 2024.
The Senate and House remain far apart in their spending negotiations and have significant work to do to reach an agreement on a final FY 2024 appropriations package. For the CDFI Fund, the House has proposed $278.6 million, a $46 million cut from the current funding level, while the Senate has proposed $334 million, a $10 million increase.
In addition to the drastic cuts proposed in the House spending bill, Rep. Glenn Grothman (R-WI) introduced an amendment to defund the CDFI Fund. The amendment failed, but 115 Members of Congress voted in favor of it. This is largely seen as a “messaging” vote, one of several other amendments proposing large cuts to government funding to demonstrate a commitment to driving down federal spending. However performative, the vote to defund the CDFI Fund underscores the need to remind Members of Congress of the value of CDFIs.
We Need Your Help
Take action today to defend the CDFI Fund. Contact your senators and representatives to tell them why the CDFI Fund matters to their community. Use the resources on OFN’s Take Action page to communicate with your elected officials through a letter, on the phone, or over social media.
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