CDFI Bond Guarantee Program Improvement Act of 2023
118-S-869118th CongressIntroduced Mar 16, 2023Finance and Financial Sector
Market Probability
No market
Status
Introduced
Committee
Floor Vote
Other Chamber
Signed
Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 118-592.
Sponsor
Sen. Smith, Tina [D-MN](D-MN)Sen. Smith, Tina [D-MN](D-MN)10 cosponsors
Summary
CDFI Bond Guarantee Program Improvement Act of 2023
This bill reauthorizes for four years and otherwise revises the Community Development Financial Institutions (CDFI) Bond Guarantee Program. Specifically, the bill (1) reduces the CDFI Bond Guarantee Program minimum issuance amount from $100 million to $25 million, (2) eliminates the cap on the annual number of guarantees, and (3) revises the amount to be held in a CDFI's relending account.
(CDFIs are financial institutions serving low-income communities. Designation as a CDFI allows an institution to participate in programs such as the CDFI Bond Guarantee Program. The program provides financing to CDFIs through federal credit subsidies that allow CDFIs to issue bonds.)
Subjects
Banking and financial institutions regulationBusiness investment and capitalCommunity Development Financial Institutions FundCommunity life and organizationCongressional oversightCredit and credit marketsGovernment information and archivesGovernment lending and loan guaranteesGovernment studies and investigationsHousing and community development fundingSecurities
Actions (4)
Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 118-592.
Feb 1, 2024Senate
Committee on Banking, Housing, and Urban Affairs Subcommittee on Housing, Transportation, and Community Development. Hearings held.
Oct 17, 2023Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Mar 16, 2023Senate
Introduced in Senate
Mar 16, 2023Library of Congress