[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3161 Reported in House (RH)]
<DOC>
Union Calendar No. 541
118th CONGRESS
2d Session
H. R. 3161
[Report No. 118-644]
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.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
May 9, 2023
Mr. Rose (for himself and Ms. Pettersen) introduced the following bill;
which was referred to the Committee on Financial Services
August 30, 2024
Additional sponsors: Mr. Steil, Mr. Ogles, Mr. Timmons, Mr. Barr, Mr.
Fitzgerald, Mrs. Houchin, Mr. Donalds, Mrs. Kim of California, Ms. De
La Cruz, Mr. Williams of Texas, Mr. Mooney, Mr. Kilmer, Mr. Meuser, Mr.
Nickel, Mr. Nunn of Iowa, Mrs. Hinson, Mr. Grothman, Mrs. Bice, Mr.
Edwards, Mr. Van Orden, Mr. Rogers of Kentucky, Mr. Lawler, Mr.
Sessions, Mr. Bergman, Mrs. Miller-Meeks, Mr. Finstad, and Mr. LaHood
August 30, 2024
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed
[Strike out all after the enacting clause and insert the part printed
in italic]
[For text of introduced bill, see copy of bill as introduced on May 9,
2023]
_______________________________________________________________________
A BILL
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.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``CDFI Fund Transparency Act''.
SEC. 2. REQUIREMENT TO TESTIFY ANNUALLY.
Section 104(b) of the Riegle Community Development and Regulatory
Improvement Act of 1994 (12 U.S.C. 4703(b)) is amended by adding to the
end the following:
``(5) Annual testimony.--The Secretary of the Treasury (or
a designee of the Secretary) shall, at the discretion of the
Chair of the Financial Services Committee of the House of
Representatives and the Chair of the Banking, Housing, and
Urban Affairs Committee of the Senate, annually testify before
such committees (or a subcommittee of such committees)
regarding--
``(A) the operations of the Fund during the
previous year;
``(B) steps the Secretary and the Fund are taking
to support the work of community development financial
institutions participating in the State Small Business
Credit Initiative;
``(C) steps the Secretary and the Fund are taking
to support community development financial
institutions, including those that are minority
depository institutions, through the financial agent
mentor-protege program;
``(D) how community development financial
institutions, including minority depository
institutions, that received amounts provided in the
Coronavirus Response and Relief Supplemental
Appropriations Act, 2021 have used and are using such
amounts; and
``(E) any steps the Secretary and the Fund are
taking to--
``(i) support minority lending
institutions, including minority depository
institutions, through coordination with
prudential regulators to promote and preserve
minority depository institutions pursuant to
section 308 of the Financial Institutions
Reform, Recovery, and Enforcement Act of 1989;
``(ii) address technology challenges facing
community development financial institutions,
including those that are minority depository
institutions;
``(iii) incentivize community development
financial institutions to provide start-up
capital for young entrepreneurs;
``(iv) raise public awareness about
community development financial institutions
and minority depository institutions, including
providing a searchable map with institution
locations;
``(v) coordinate with regulators to ensure
certification and reporting requirements are
appropriately streamlined for community
development financial institutions; and
``(vi) explore securitization options that
might help expand the reach of community
development financial institutions.''.
Union Calendar No. 541
118th CONGRESS
2d Session
H. R. 3161
[Report No. 118-644]
_______________________________________________________________________
A BILL
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.
_______________________________________________________________________
August 30, 2024
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed