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CDFI Fund Transparency Act
9/24/2024, 3:11 PM
Summary of Bill HR 3161
The Bill 118 hr 3161, also known as the CDFI Fund Transparency Act, aims to increase transparency and accountability within the Community Development Financial Institutions (CDFI) Fund. The CDFI Fund provides financial assistance to CDFIs, which are financial institutions that serve low-income and underserved communities.
The main provisions of the bill include requiring the CDFI Fund to publish detailed information on its website about the recipients of its funding, including the amount of funding received and how it was used. This information will help ensure that the funds are being used effectively to support economic development in disadvantaged communities.
Additionally, the bill requires the CDFI Fund to report annually to Congress on its activities and the impact of its funding. This will provide lawmakers with important information to evaluate the effectiveness of the CDFI Fund and make informed decisions about its future funding. Overall, the CDFI Fund Transparency Act aims to promote transparency and accountability in the use of federal funds to support economic development in low-income communities. By requiring the CDFI Fund to disclose information about its funding recipients and report to Congress on its activities, the bill seeks to ensure that taxpayer dollars are being used efficiently and effectively to help those who need it most.
The main provisions of the bill include requiring the CDFI Fund to publish detailed information on its website about the recipients of its funding, including the amount of funding received and how it was used. This information will help ensure that the funds are being used effectively to support economic development in disadvantaged communities.
Additionally, the bill requires the CDFI Fund to report annually to Congress on its activities and the impact of its funding. This will provide lawmakers with important information to evaluate the effectiveness of the CDFI Fund and make informed decisions about its future funding. Overall, the CDFI Fund Transparency Act aims to promote transparency and accountability in the use of federal funds to support economic development in low-income communities. By requiring the CDFI Fund to disclose information about its funding recipients and report to Congress on its activities, the bill seeks to ensure that taxpayer dollars are being used efficiently and effectively to help those who need it most.
Congressional Summary of HR 3161
CDFI Fund Transparency Act
This bill requires annual congressional testimony from the Department of the Treasury regarding the operations of the Community Development Financial Institutions Fund.
Read the Full Bill
Current Status of Bill HR 3161
Bill HR 3161 is currently in the status of Bill Introduced since May 9, 2023. Bill HR 3161 was introduced during Congress 118 and was introduced to the House on May 9, 2023. Bill HR 3161's most recent activity was Placed on the Union Calendar, Calendar No. 541. as of August 30, 2024
Bipartisan Support of Bill HR 3161
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
56Democrat Cosponsors
6Republican Cosponsors
50Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 3161
Primary Policy Focus
Finance and Financial SectorPotential Impact Areas
- Community Development Financial Institutions Fund
- Congressional committees
- Evidence and witnesses
Alternate Title(s) of Bill HR 3161
CDFI Fund Transparency Act
CDFI Fund Transparency Act
CDFI Fund Transparency Act
To amend the Riegle Community Development and Regulatory Improvement Act of 1994 to require the Director of the Community Development Financial Institutions Fund to testify on an annual basis before the Financial Services Committee of the House of Representatives and the Banking, Housing, and Urban Affairs Committee of the Senate.
Comments
Sponsors and Cosponsors of HR 3161
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