Introduced in Senate

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 1880 Introduced in Senate (IS)]

<DOC>

119th CONGRESS
  1st Session
                                S. 1880

 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

                              May 22, 2025

Ms. Smith (for herself, Mr. Rounds, Mr. Booker, Mr. Daines, Mr. Sheehy,
  Mr. Hickenlooper, Ms. Klobuchar, Mrs. Hyde-Smith, Mr. Gallego, Ms.
 Lummis, Ms. Blunt Rochester, and Mr. Crapo) 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.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``CDFI Bond Guarantee Program
Improvement Act of 2025''.

SEC. 2. SENSE OF CONGRESS.

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

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
        2025''.
    (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.

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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