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CDFI Fund Transparency Act
3/13/2024, 2:34 AM
Summary of Bill S 2674
The Bill 118 s 2674, 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 is a program that 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 and efficiently to benefit the communities they are intended to serve.
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 program and make informed decisions about future funding. Overall, the CDFI Fund Transparency Act aims to promote transparency and accountability within the CDFI Fund, ensuring that taxpayer dollars are being used effectively to support economic development in 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 and efficiently to benefit the communities they are intended to serve.
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 program and make informed decisions about future funding. Overall, the CDFI Fund Transparency Act aims to promote transparency and accountability within the CDFI Fund, ensuring that taxpayer dollars are being used effectively to support economic development in low-income and underserved communities.
Congressional Summary of S 2674
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 S 2674
Bill S 2674 is currently in the status of Bill Introduced since July 27, 2023. Bill S 2674 was introduced during Congress 118 and was introduced to the Senate on July 27, 2023. Bill S 2674's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of July 27, 2023
Bipartisan Support of Bill S 2674
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
6Democrat Cosponsors
4Republican Cosponsors
2Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 2674
Primary Policy Focus
Finance and Financial SectorAlternate Title(s) of Bill S 2674
CDFI Fund Transparency Act
CDFI Fund Transparency Act
A bill to amend the Community Development Banking and Financial Institutions Act of 1994 to increase transparency and accountability regarding the operations of the Community Development Financial Institutions Fund.
Comments
Sponsors and Cosponsors of S 2674
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