S. 869

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 869 Introduced in Senate (IS)]

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118th CONGRESS
1st Session
S. 869

To amend the Community Development Banking and Financial Institutions 
Act of 1994 to reauthorize and improve the community development 
financial institutions bond guarantee program, and for other purposes.

_______________________________________________________________________

IN THE SENATE OF THE UNITED STATES

March 16, 2023

Ms. Smith (for herself, Mr. Rounds, Ms. Lummis, Mr. Daines, Mr. Moran, 
Ms. Klobuchar, Mr. Menendez, and Mr. Warner) introduced the following 
bill; which was read twice and referred to the Committee on Banking, 
Housing, and Urban Affairs

_______________________________________________________________________

A BILL

To amend the Community Development Banking and Financial Institutions 
Act of 1994 to reauthorize and improve the community development 
financial institutions bond guarantee program, and for other purposes.

Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``CDFI Bond Guarantee Program 
Improvement Act of 2023''.

SEC. 2. SENSE OF CONGRESS.

It is the sense of Congress that the authority to guarantee bonds 
under section 114A of the Community Development Banking and Financial 
Institutions Act of 1994 (12 U.S.C. 4713a) (commonly referred to as the 
``CDFI Bond Guarantee Program'') provides community development 
financial institutions with a sustainable source of long-term capital 
and furthers the mission of the Community Development Financial 
Institutions Fund (established under section 104(a) of such Act (12 
U.S.C. 4703(a)) to increase economic opportunity and promote community 
development investments for underserved populations and distressed 
communities in the United States.

SEC. 3. GUARANTEES FOR BONDS AND NOTES ISSUED FOR COMMUNITY OR ECONOMIC 
DEVELOPMENT PURPOSES.

(a) In General.--Section 114A of the Community Development Banking 
and Financial Institutions Act of 1994 (12 U.S.C. 4713a) is amended--
(1) in subsection (c)(2), by striking ``, multiplied by an 
amount equal to the outstanding principal balance of issued 
notes or bonds'';
(2) by amending subsection (e)(2) to read as follows:
``(2) Limitation on guarantee amount.--The Secretary may 
not guarantee any amount under the program equal to less than 
$25,000,000, but the total of all such guarantees in any fiscal 
year may not exceed $1,000,000,000.''; and
(3) in subsection (k), by striking ``September 30, 2014'' 
and inserting ``the date that is 4 years after the date of 
enactment of the CDFI Bond Guarantee Program Improvement Act of 
2023''.
(b) Clerical Amendment.--The table of contents in section 1(b) of 
the Riegle Community Development and Regulatory Improvement Act of 1994 
(Public Law 103-315; 108 Stat. 2160) is amended by inserting after the 
item relating to section 114 the following:

``Sec. 114A. Guarantees for bonds and notes issued for community or 
economic development purposes.''.

SEC. 4. REPORT ON THE CDFI BOND GUARANTEE PROGRAM.

Not later than 1 year after the date of enactment of this Act, and 
not later than 3 years after such date of enactment, the Secretary of 
the Treasury shall issue a report to the Committee on Banking, Housing, 
and Urban Affairs of the Senate and the Committee on Financial Services 
of the House of Representatives on the effectiveness of the CDFI bond 
guarantee program established under section 114A of the Community 
Development Banking and Financial Institutions Act of 1994 (12 U.S.C. 
4713a).
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