Call to Action to Save the CDFI Fund |
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On March 14, the Trump Administration issued an Executive Order (EO), “Reducing the Size and Scope of the Federal Bureaucracy.” The EO directed the elimination of “non-statutory” functions of several agencies and directed the reduction to the minimum presence and function for statutory functions. Agencies have 7 days (from last Friday) to report to the Office of Management and Budget, confirming compliance with the EO.
Among the agencies targeted in the EO is the CDFI Fund.
The CDFI Fund is currently operating under full statutory authority. However, at this time, we do not have concrete information about the manner in which the administration will apply the EO to the CDFI Fund.
At a minimum, however, we believe that Treasury will propose substantial reductions in the capacity of CDFI Fund programs. Of course, other agencies in similar circumstances have fared far worse.
As the CDFI Coalition's statement clarifies, the CDFI Fund and its programs are authorized in statute and H.R. 1968, the Continuing Resolution, which funds the federal government for the rest of the fiscal year. Any dimension of the CDFI Fund will undermine the administration of the appropriations fund and the New Markets Tax Credit, which is authorized in the Internal Revenue Code.
Because time is tight, we ask you to contact the Republicans in your Congressional delegation as soon as possible. Please ask your Representative or Senator to contact the White House or the Treasury Department to indicate support for the CDFI Fund and its programs and to maintain the capacity of the Fund. In particular, we are asking that you reach out to the following selected offices, many of whom have expressed support for the CDFI Fund programs in the past (example: supporting NMTC Extension Legislation or signing a letter in support of CDFI Fund Appropriations) or are members of the Senate Community Development Financing Caucus. Do not feel as if you need to limit your advocacy to these offices.
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Senate Targets: Murkowski, AK Boozman, AR Cotton, AR Moran, KS Cassidy, LA Kennedy, LA
Crapo, ID
Hyde-Smith, MS Wicker, MS Sheehy, MT Hoeven, ND
Ricketts, NE Scott, SC
Rounds, SD Blackburn, TN Justice, WV Lummis, WY |
| House Targets: Hill, AR Buchanan, FL
Diaz-Balart, FL Steube, FL Feenstra, IA LaHood, IL Yakym, IN Mann, KS Finstad, MN
Fischbach, MN Bacon, NE Tenney, NY Miller, OH Carey, OH Fitzpatrick, PA Kelly, PA Smucker, PA Johnson, SD Kustoff, TN Gooden, TX Moran, TX Van Duyne, TX Miller, WV |
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CDFI Coalition Legislative Update Call: Wed. 5PM Eastern |
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The CDFI Coalition will be holding a special legislative update call Wednesday, March 19th at 5pm Eastern. Join Zoom Meeting
https://us02web.zoom.us/j/83087789796?pwd=MEsZsOcEoMNCRPruVo3kjfKKC9tzQE.1
Meeting ID: 830 8778 9796
Passcode: 083991
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Find your local number: https://us02web.zoom.us/u/kb1D6lBGvx |
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