II 

118TH CONGRESS 

1ST SESSION S. 869 

To amend the Community Development Banking and Financial Institutions 

Act of 1994 to reauthorize and improve the community development 

financial institutions bond guarantee program, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

MARCH 16, 2023 

Ms. SMITH (for herself, Mr. ROUNDS, Ms. LUMMIS, Mr. DAINES, Mr. MORAN, 

Ms. KLOBUCHAR, Mr. MENENDEZ, and Mr. WARNER) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 

A BILL 

To amend the Community Development Banking and Financial Institutions Act of 1994 to reauthorize and improve 

the community development financial institutions bond 

guarantee program, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘CDFI Bond Guarantee 

5 Program Improvement Act of 2023’’. 


kjohnson on DSK79L0C42PROD with BILLS
2 

•S 869 IS

1 SEC. 2. SENSE OF CONGRESS. 

2 It is the sense of Congress that the authority to guar3 antee bonds under section 114A of the Community Devel4 opment Banking and Financial Institutions Act of 1994 

5 (12 U.S.C. 4713a) (commonly referred to as the ‘‘CDFI 

6 Bond Guarantee Program’’) provides community develop7 ment financial institutions with a sustainable source of 

8 long-term capital and furthers the mission of the Commu9 nity Development Financial Institutions Fund (established 

10 under section 104(a) of such Act (12 U.S.C. 4703(a)) to 

11 increase economic opportunity and promote community 

12 development investments for underserved populations and 

13 distressed communities in the United States. 

14 SEC. 3. GUARANTEES FOR BONDS AND NOTES ISSUED FOR 

15 COMMUNITY OR ECONOMIC DEVELOPMENT 

16 PURPOSES. 

17 (a) IN GENERAL.—Section 114A of the Community 

18 Development Banking and Financial Institutions Act of 

19 1994 (12 U.S.C. 4713a) is amended— 

20 (1) in subsection (c)(2), by striking ‘‘, multi21 plied by an amount equal to the outstanding prin22 cipal balance of issued notes or bonds’’; 

23 (2) by amending subsection (e)(2) to read as 

24 follows: 

25 ‘‘(2) LIMITATION ON GUARANTEE AMOUNT.— 

26 The Secretary may not guarantee any amount under 


kjohnson on DSK79L0C42PROD with BILLS
3 

•S 869 IS

1 the program equal to less than $25,000,000, but the 

2 total of all such guarantees in any fiscal year may 

3 not exceed $1,000,000,000.’’; and 

4 (3) in subsection (k), by striking ‘‘September 

5 30, 2014’’ and inserting ‘‘the date that is 4 years 

6 after the date of enactment of the CDFI Bond 

7 Guarantee Program Improvement Act of 2023’’. 

8 (b) CLERICAL AMENDMENT.—The table of contents 

9 in section 1(b) of the Riegle Community Development and 

10 Regulatory Improvement Act of 1994 (Public Law 103– 

11 315; 108 Stat. 2160) is amended by inserting after the 

12 item relating to section 114 the following: 

‘‘Sec. 114A. Guarantees for bonds and notes issued for community or economic 

development purposes.’’. 

13 SEC. 4. REPORT ON THE CDFI BOND GUARANTEE PRO14 GRAM. 

15 Not later than 1 year after the date of enactment 

16 of this Act, and not later than 3 years after such date 

17 of enactment, the Secretary of the Treasury shall issue 

18 a report to the Committee on Banking, Housing, and 

19 Urban Affairs of the Senate and the Committee on Finan20 cial Services of the House of Representatives on the effec21 tiveness of the CDFI bond guarantee program established 

22 under section 114A of the Community Development BankVerDate Sep 11 2014 02:54 Mar 28, 2023 Jkt 039200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S869.IS S869

kjohnson on DSK79L0C42PROD with BILLS
4 

•S 869 IS

1 ing and Financial Institutions Act of 1994 (12 U.S.C. 

2 4713a). 

Æ 


kjohnson on DSK79L0C42PROD with BILLS