José E. Serrano: “I thank the chairman. I was going to open up by saying the same thing: This is probably the most bipartisan account that…”

“I thank the chairman. I was going to open up by saying the same thing: This is probably the most bipartisan account that we have in this bill and it has been for years. I rise in strong opposition to this amendment. This amendment would slash funding for the Community Development Financial Institutions Fund, or CDFI Fund, by $20.7 million. This is a harmful and totally misguided cut. The fact is that the CDFI Fund helps generate economic growth and opportunity in some of our Nation's most distressed communities. The Fund supports financial institutions recognized for their expertise in providing services and support to distressed communities. These institutions leverage Federal funds to draw in new or increase sources of private funding. According to the description provided to the Rules Committee, the gentleman's amendment says: to ``offset an inappropriate augmentation of this account outside the appropriations process by the Department of Justice through settlement agreements, which required banks to donate $20.7 million to certified CDFI entities.'' But the fact is that the Fund is not receiving money from DOJ or from any bank. It is completely inaccurate and inappropriate to reduce the CDFI Fund in any amount as a result of the gentleman's assertion. Any settlement with banks for fraudulent activity during or leading up to the financial crisis was delivered by banks directly to CDFIs. At no point has the Fund benefited or seen an increase in funding as a result.…”