WASHINGTON–Twenty-three senators from both parties have sent a letter to Department of Treasury Secretary Scott Bessent expressing support for the CDFI Fund, which has been targeted by an executive order from President Trump for closure.
The Treasury Department has until Friday, March 20, to provide its proposal to the White House for how it will shut down the Community Development Financial Institutions Fund to the “maximum extent of the law.”
“Over 1,400 CDFIs represent a significant portion of America’s financial services sector, delivering over $300 billion in financial services each year to urban and rural community communities across every state. Each year, CDF’s provide affordable growth capital to over 100,000 small businesses and finance over $100 billion in residential real estate, bringing down the cost of housing through new construction and affordable home mortgages,” the letter reads. “The important work of the CDFI sector is strengthened by the CDFI Fund, which provides seed funding to new CDFIs, grows the capacity of existing CDFIs, and provides oversight to ensure federal dollars are spent appropriately. Elimination of key CDFI Fund functions would undermine this important progress, including for small businesses and homeowners.”
The bipartisan letter goes on to say the public-private partnership model aligns with the administration’s emphasis on ensuring taxpayer dollars are spent efficiently and with measurable impact.
The Signees
The letter was signed by:
- Sen. Mike Crapo (R-ID)
- Sen. Tim Sheehy (R-MT)
- Sen. Cindy Hyde-Smith (R-MS)
- Sen. Jim Justice (R-WV)
- Sen. Steve Daines (R-MT)
- Sen. Raphael Warnock (D-GA)
- Sen. Jack Reed (D-RI)
- Sen. Ron Wyden (D-OR)
- Sen. Ruben Gallego (D-AZ)
- Sen. Richard Durbin (D-IL)
- Sen. Gary Peters (D-MI)
- Sen. John Boozman (R-AS)
- Sen, Mark Warner (D-VA)
- Sen. Bill Cassidy (R-LA)
- Sen. M. Michael Rounds (R-SD)
- Sen. John Hickenlooper (D-CO)
- Sen. Cory Booker (D-NJ)
- Sen. Tina Smith (D-MN)
- Sen. Chris Van Hollen (D—MD)
