In response to the pending Duffy-Marino Amendment, Opportunity Finance Network (OFN), the leading national network of community development financial institutions (CDFIs) released a statement today from Liz Lopez, OFN’s Executive Vice President of Public Policy:
“Members of Congress should vote “No” on the Duffy-Marino amendment. A reduction in FY 2017 funding to the CDFI Fund would lead to less competitive awards granted and for less capital to be leveraged by CDFIs to finance community businesses and spark job growth.”
The amendment by Rep. Sean Duffy (R-WI) and Rep. Tom Marino (R-PA) to H.R. 5485, the Financial Services and General Government Appropriations Act, reduces appropriations funding by $20.7 million to the CDFI Fund, drastically impacting critical funding to mission-driven lenders who leverage capital where it can have the most impact in urban, rural, and Native communities nationwide. CDFI Fund awards are leveraged with other non-federal sources of capital into greater investments in communities across the country. Every dollar from the CDFI Fund results in more than $12 dollars invested in communities.
The Duffy-Marino amendment inappropriately uses U.S. Department of Justice settlement agreements to justify a reduction in critical funding to the CDFI Fund. These court approved settlements did not direct funds to the CDFI Fund. Rather funds were ordered to be allocated to various community reinvestment and neighborhood stabilization efforts, including CDFIs.
To learn more about OFN’s policy priorities, visit OFN.org/advocacy.
Update: The vote will be rescheduled. [June 23, 2016 8:00 a.m.]