Sheila Jackson Lee: “My amendment is a very simple proposition of adding $500,000 to the Community Development Financial Institutions Fund…”

“My amendment is a very simple proposition of adding $500,000 to the Community Development Financial Institutions Fund, which supports locally based community organizations working to expand economic development, affordable housing, community banking, and financial services. The underpinning of this amendment is to enhance financial literacy, as seen by many of us in our district, as a very important component. Let me thank the chairman and ranking member for bringing this underlying bill to the floor, and let me indicate that this is a small measure, working with all of the agencies, to ensure that the many elements of financial documents or financial opportunities that low- income communities have, they will be informed and literate about how much to borrow and, as well, what opportunities they can take advantage of. Certainly, it will be impactful for those of us in areas where we have experienced the severe hurricanes and natural disasters that will be impacting our community for a long time. The CDFI provides for economic development, job creation, business development, and commercial real estate development, affordable housing, housing development, home ownership, community development, financial services, basic banking services to underserved communities, and financial literacy training.…”