On the recordNovember 8, 2023
This amendment eliminates funding for the Department of the Treasury's Community Development Financial Institutions Fund. This amendment, if passed, would save $280 million in fiscal year 2024. Let me emphasize one more time that in putting together all these appropriations bills, the goal of all Members should be to reduce the level of spending. In the year that has just wrapped up, we are borrowing 22 percent of every dollar spent. If you are borrowing 22 percent of every dollar spent, you have a big problem. Even if we stick to the numbers that we agreed to in raising the debt limit bill, next year, the amount we are borrowing will be equal to 23 percent of every dollar spent. Mr. Chair, we have a real crisis here. Things are getting worse and worse as we go through these appropriations bills, so we should be looking for fewer ways to spend money and return it to the Treasury. The CDFI Fund provides grants to community development financial institutions, community development entities, and other private financial institutions. As a result of that, this amendment not only saves money but saves money by taking away money from a fund that frequently results in public-private partnerships.…
