Sponsors (2)
The bill increases transparency and congressional oversight of the CDFI Fund—helping taxpayers and community lenders understand performance and catch problems sooner—at the cost of additional Treasury administrative burden and a risk that reporting could be politicized or uneven.
Taxpayers, state governments, community lenders, nonprofits, financial institutions, small-business owners, and low-income individuals will get more regular transparency and accountability because the Treasury Secretary must annually report on CDFI Fund operations to congressional committee chairs, clarifying program performance and fund allocation and making it easier to spot problems early.
Nonprofits, financial institutions, and CDFI Fund managers could face politicized or uneven reporting requirements if appearances are scheduled at committee chairs' discretion, creating unpredictability and potential partisan interference in oversight.
Federal employees and taxpayers could absorb added administrative time and resource costs as Treasury staff prepare annual testimonies and briefings, which could divert staff away from program implementation.
Based on analysis of 4 sections of legislative text.
Requires the Treasury Secretary or designee to annually testify before House and Senate committee chairs about the CDFI Fund's prior-year operations, scheduled at the chairs' discretion.
Introduced March 3, 2026 by John Rose · Last progress March 3, 2026
Requires the Secretary of the Treasury (or a designee) to testify once a year before the chairs of the House Financial Services Committee and the Senate Banking, Housing, and Urban Affairs Committee (or their subcommittees) about the Community Development Financial Institutions (CDFI) Fund’s operations during the prior year. The timing and assignment of which chair/subcommittee hears the testimony is left to those committee chairs. The change amends an existing statute governing the CDFI Fund to add a routine, annual congressional oversight hearing. It does not authorize new spending or change program rules for fund recipients.