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Midwest senators introduce bill to strengthen economic program

Published: Jan. 5, 2022 at 6:39 AM CST
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ST. PAUL, Minn. (KEYC) - Minnesota Senator Tina Smith is one of two senators trying to jumpstart economic development in underserved communities.

Smith and South Dakota Republican Senator Mike Rounds introduced a bill called the CDFI Bond Guarantee Program Improvement Act.

The bill would strengthen and expand Community Development Financial Institutions, which play a critical role in bringing capital and financial services to a wide range of underserved communities.

THE CDFI Program was enacted back in 2010 and is meant to provide long-term low-cost funding to economic development activities.

The program has needed an annual extension in appropriations bills, but the new bill would make the program permanent.

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