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.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
Amends the Riegle Community Development and Regulatory Improvement Act of 1994 to require the Secretary of the Treasury to annually testify before the House Financial Services Committee and the Senate Banking Committee regarding CDFI Fund operations, support for minority depository institutions, coronavirus relief fund usage, technology challenges, and efforts to expand CDFI reach through securitization and public awareness.
Who Benefits and How
Congress benefits from enhanced oversight and transparency over CDFI Fund operations. Community development financial institutions and minority depository institutions benefit from increased congressional attention to their challenges and needs. Underserved communities benefit indirectly from improved accountability in CDFI fund distribution.
Who Bears the Burden and How
The Secretary of the Treasury and CDFI Fund staff bear the recurring burden of preparing for and delivering annual testimony. The Treasury Department must compile data on operations, minority institution support, technology challenges, and securitization options.
Key Provisions
- Mandates annual Treasury testimony on CDFI Fund operations
- Requires reporting on support for minority depository institutions
- Requires update on COVID-19 relief fund usage by CDFIs
- Calls for reporting on technology challenges, youth entrepreneurship incentives, and public awareness efforts
- Requests updates on regulatory streamlining and securitization options for CDFIs
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers.
At a Glance
What This Bill Does
Requires the Secretary of the Treasury (or designee) to annually testify before congressional committees on the operations and activities of the Community Development Financial Institutions (CDFI) Fund, including support for minority depository institutions and pandemic-related fund usage.
Key Policy Areas
Finance, Government Operations
Primary Purpose
Requires the Secretary of the Treasury (or designee) to annually testify before congressional committees on the operations and activities of the Community Development Financial Institutions (CDFI) Fund, including support for minority depository institutions and pandemic-related fund usage.
Policy Domains
CDFI Fund Annual Testimony Requirement
Identified Gains
Contextual inference, no direct clause citation- Congress
- Community development financial institutions
- Minority depository institutions
- Underserved communities
Contextual inference, no direct clause citation
Identified Costs
Contextual inference, no direct clause citation- Secretary of the Treasury
- CDFI Fund staff
Contextual inference, no direct clause citation
Sponsors
Legislative Progress
ReportedAdditional sponsors: Mr. Steil, Mr. Ogles, Mr. Timmons, Mr. Barr, …
Reported with an amendment, committed to the Committee of the …
Mr. Rose (for himself and Ms. Pettersen) introduced the following …
Stakeholder Effects
cui bono?How this legislation distributes effects. Mention counts reflect frequency, not effect magnitude.
Congress, Secretary of the Treasury
Positive-direction: Congress
Negative-direction: Secretary of the Treasury
Community development financial institutions, Minority depository institutions
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "the_secretary"
- → Secretary of the Treasury
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology