Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee and Congressman Bill Foster (D-IL), the top Democrat on the Subcommittee on Financial Institutions and Monetary Policy led 122 House Democrats in sending a letter to U.S. Department of the Treasury Secretary Scott Bessent and Office of Management and Budget Director Russell Vought, expressing grave concern about the Trump Administration’s unlawful attempt to terminate staff at the Community Development Financial Institutions (CDFI) Fund amid the ongoing Trump-Republican government shutdown.
In the letter, the lawmakers underscore how for decades, communities across the country have benefited from the CDFI Fund, whose success has been made possible through the dedicated staff who have been essential to carrying out its statutory programs and functions. These public servants have helped CDFIs — including hundreds of community banks, credit unions, and loan funds — navigate rigorous certifications and applications, manage grants, and ensure funds reach the communities that need them most. Despite the Fund’s decades of proven success, the Trump Administration has repeatedly targeted the work of the CDFI Fund this year, delaying and even forcing reapplications for hundreds of millions of dollars in awards that community financial institutions leverage to provide financial access to consumers and small businesses. They go on to warn that firing CDFI staff would be reckless and would threaten the CDFI Fund’s core mission of expanding access to capital, especially to underserved groups and areas that have been historically and systemically shut out by traditional financial institutions.
“We write to express our deep concern at the attempt by the Trump Administration to unilaterally terminate all of the Treasury Department’s Community Development Financial Institutions Fund (CDFI Fund) staff as it pursues illegal ‘reductions in force’ during the government shutdown. The CDFI Fund and the community financial institutions they serve are an essential and vital source of capital and financial services to underserved communities across the United States that traditional financial institutions historically don’t serve as well, including in urban and rural communities,” wrote the lawmakers. “…While this misguided move has been rightfully challenged in court, it is imperative that you not wait to take action to rescind this unlawful attempt to undermine the CDFI Fund immediately. Doing so will help ensure that CDFIs and the communities that depend on them across the country will continue to thrive now and in the years to come.”
In closing, the lawmakers urge the Administration to immediately reverse this unlawful action and protect the CDFI Fund and its staff, whose work is vital to continue supporting the families, businesses, and communities that rely on this critical source of economic empowerment.
Read the full letter HERE.
Full list of signers: Representatives Maxine Waters (D-CA), Bill Foster (D-IL), Alma Adams (D-NC), Gabe Amo (D-RI), Nanette Barragán (D-CA), Joyce Beatty (D-OH), Sanford Bishop (D-GA), Shontel Brown (D-OH), Janelle Bynum (D-OR), André Carson (D-IN), Troy Carter (D-LA), Ed Case (D-HI), Sean Casten (D-IL), Judy Chu (D-CA), Gilbert Cisneros (D-CA), Yvette Clarke (D-NY), Emanuel Cleaver (D-MO), Steve Cohen (D-TN), Jim Costa (D-CA), Angie Craig (D-MN), Danny Davis (D-IL), Madeleine Dean (D-PA), Diana DeGette (D-CO), Christopher Deluzio (D-PA), Mark DeSaulnier (D-CA), Maxine Dexter (D-OR), Debbie Dingell (D-MI), Veronica Escobar (D-TX), Adriano Espaillat (D-NY), Dwight Evans (D-PA), Cleo Fields (D-LA), Shomari Figures (D-AL), Laura Friedman (D-CA), Maxwell Frost (D-FL), Jesús García (D-IL), Robert Garcia (D-CA), Sylvia Garcia (D-TX), Daniel Goldman (D-NY), Jimmy Gomez (D-CA), Vicente Gonzalez (D-TX), Maggie Goodlander (D-NH), Josh Gottheimer (D-NJ), Al Green (D-TX), Pablo Hernández (D-PR), James Himes (D-CT), Steven Horsford (D-NV), Chrissy Houlahan (D-PA), Steny Hoyer (D-MD), Jared Huffman (D-CA), Glenn Ivey (D-MD), Jonathan Jackson (D-IL), Pramila Jayapal (D-WA), Henry Johnson (D-GA), Julie Johnson (D-TX), William Keating (D-MA), Robin Kelly (D-IL), Ro Khanna (D-CA), Raja Krishnamoorthi (D-IL), Greg Landsman (D-OH), George Latimer (D-NY), Summer Lee (D-PA), Teresa Leger Fernandez (D-NM), Sam Liccardo (D-CA), Stephen Lynch (D-MA), Seth Magaziner (D-RI), Sarah McBride (D-DE), Jennifer McClellan (D-VA), Betty McCollum (D-MN), James McGovern (D-MA), LaMonica McIver (D-NJ), Gregory Meeks (D-NY), Robert Menendez (D-NJ), Dave Min (D-CA), Gwen Moore (D-WI), Joseph Morelle (D-NY), Kelly Morrison (D-MN), Seth Moulton (D-MA), Frank Mrvan (D-IN), Kevin Mullin (D-CA), Jerrold Nadler (D-NY), Eleanor Norton (D-DC), Alexandria Ocasio-Cortez (D-NY), Ilhan Omar (D-MN), Frank Pallone (D-NJ), Jimmy Panetta (D-CA), Chris Pappas (D-NH), Brittany Pettersen (D-CO), Chellie Pingree (D-ME), Nellie Pou (D-NJ), Ayanna Pressley (D-MA), Mike Quigley (D-IL), Delia Ramirez (D-IL), Emily Randall (D-WA), Jamie Raskin (D-MD), Luz Rivas (D-CA), Deborah Ross (D-NC), Andrea Salinas (D-OR), Mary Gay Scanlon (D-PA), Janice Schakowsky (D-IL), Bradley Schneider (D-IL), David Scott (D-GA), Robert Scott (D-VA), Terri Sewell (D-AL), Brad Sherman (D-CA), Lateefah Simon (D-CA), Adam Smith (D-WA), Haley Stevens (D-MI), Suhas Subramanyam (D-VA), Thomas Suozzi (D-NY), Eric Swalwell (D-CA), Mark Takano (D-CA), Shri Thanedar (D-MI), Bennie Thompson (D-MS), Mike Thompson (D-CA), Dina Titus (D-NV), Rashida Tlaib (D-MI), Jill Tokuda (D-HI), Ritchie Torres (D-NY), Juan Vargas (D-CA), Marc Veasey (D-TX), Nydia Velázquez (D-NY), Debbie Wasserman Schultz (D-FL), Bonnie Watson Coleman (D-NJ), Nikema Williams (D-GA).
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