CDFI Bond Guarantee Program Improvement Act of 2022

Bill: 117-s-3441
Sponsor: full_name: Sen. Smith, Tina [D-MN]
Introduced: 2022-01-05
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

Business investment and capital

Community Development Financial Institutions Fund

Community life and organization

Congressional oversight

Credit and credit markets

Government information and archives

Government lending and loan guarantees

Government studies and investigations

Housing and community development funding

Securities
Latest action: action_date: 2022-09-20
text: Committee on Banking, Housing, and Urban Affairs Subcommittee on Housing, Transportation, and Community Development. Hearings held.

Summaries:
action_date: 2022-01-05
action_desc: Introduced in Senate
text: <p><strong>CDFI Bond Guarantee Program Improvement Act of 2022 </strong></p> <p>This bill permanently reauthorizes 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, and (2) reduces the amount allowed to be held in a CDFI's relending account. </p> <p>(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.) </p>

tv_txt: II 117th CONGRESS 2d Session S. 3441 IN THE SENATE OF THE UNITED STATES January 5, 2022 Ms. Smith (for herself and Mr. Rounds ) 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. Short title This Act may be cited as the CDFI Bond Guarantee Program Improvement Act of 2022 . 2. Guarantees for bonds and notes issued for community or economic development purposes Section 114A of the Community Development Banking and Financial Institutions Act of 1994 ( 12 U.S.C. 4713a ) is amended— (1) in subsection (c)(2), by striking , multiplied by an amount equal to the outstanding principal balance of issued notes or bonds ; (2) in subsection (e)(2)(B), by striking $100,000,000 and inserting $25,000,000 ; and (3) by striking subsection (k).