Senate Bill 4430
116th Congress(2019-2020)
CDFI Crisis Fund Act
Introduced
Introduced in Senate on Aug 4, 2020
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
4430
Congress
116
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
No Senate votes have been held for this bill.
Summary
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.
August 4, 2020
08/04/2020
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
08/04/2020
Introduced in Senate
Public Record
Record Updated
Jan 11, 2023 1:45:20 PM