S. 4430 · 116th Congress
CDFI Crisis Fund Act
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
SchatzSponsor10 cosponsors · 9 D, 1 I
D
Baldwin
RB
D
Blumenthal
DF
D
Feinstein
KG
D
Gillibrand
MH
D
Heinrich
JM
D
Merkley
BS
I
Sanders
CV
D
Van Hollen
RW
D
Wyden
EW
D
Warren10 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill establishes the CDFI National Crisis Fund. The fund is authorized to make grants to community development financial institutions (CDFIs) providing financial products as emergency assistance to small businesses and low-income populations in certain circumstances. Furthermore, the fund is triggered by
What it does: CRS summary · Introduced in Senate · Aug 4, 2020
CDFI Crisis Fund Act
This bill establishes the CDFI National Crisis Fund. The fund is authorized to make grants to community development financial institutions (CDFIs) providing financial products as emergency assistance to small businesses and low-income populations in certain circumstances. Furthermore, the fund is triggered by
- certain emergency declarations, including the COVID-19 (i.e., coronavirus disease 2019) emergency period;
- certain disaster declarations;
- a specified increase in a statewide unemployment rate; or
- a specified increase in the nationwide unemployment rate.
Specified amounts in the fund are set aside for grants to Native and minority CDFIs.
The Government Accountability Office must report on the impact of the fund and provide recommendations.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: CDFI Crisis Fund Act
Latest action (Aug 4, 2020): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Aug 4, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.