HR3161-118

Reported

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.

118th Congress Introduced May 9, 2023

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

Finance Government Operations

CDFI Fund Annual Testimony Requirement

Identified Gains
Contextual inference, no direct clause citation
  • Congress
  • Community development financial institutions
  • Minority depository institutions
  • Underserved communities
Model: N/A | Version: bill_summary_v2 | Source: rh

Contextual inference, no direct clause citation

Identified Costs
Contextual inference, no direct clause citation
  • Secretary of the Treasury
  • CDFI Fund staff
Model: N/A | Version: bill_summary_v2 | Source: rh

Contextual inference, no direct clause citation

Legislative Progress

Reported
Introduced Committee Passed
Aug 30, 2024

Additional sponsors: Mr. Steil, Mr. Ogles, Mr. Timmons, Mr. Barr, …

Aug 30, 2024

Reported with an amendment, committed to the Committee of the …

May 9, 2023

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.

Government
2 mentions across 1 clause
+1 positive -1 negative

Congress, Secretary of the Treasury

Positive-direction: Congress

Negative-direction: Secretary of the Treasury

Financial Services
2 mentions across 1 clause
+2 positive

Community development financial institutions, Minority depository institutions

General Public
1 mention across 1 clause
?1 uncertain

General public

2/2
sections analyzed
Full impact breakdown

Bill Structure & Actor Mappings

Who is "The Secretary" in each section?

Domains
Finance Government Operations
Actor Mappings
"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