CDFI Fund Transparency Act
- Bill Number
- H.R. 7775
- Origin Chamber
- House
- Congress
- 119th Congress, Session 2
- Policy Area
- Finance and Financial Sector
- Status
- Introduced
- Latest Action
- 2026-03-03: Referred to the House Committee on Financial Services.
- Last Updated
- 2026-05-02T19:06:20Z
AI-Generated Summary
Purpose This legislation aims to enhance transparency and congressional oversight of the Community Development Financial Institutions Fund by requiring annual testimony from the Department of the Treasury on its operations.
Key Provisions
- The bill amends Section 104(b) of the Riegle Community Development and Regulatory Improvement Act of 1994 (12 U.S.C. 4703(b)).
- It adds a new paragraph requiring the Secretary of the Treasury (or a designee) to testify annually before the House Committee on Financial Services and the Senate Committee on Banking, Housing, and Urban Affairs (or their subcommittees).
- Testimony covers the Fund's operations from the previous year and occurs at the discretion of the committee chairs.
Significant Changes to Existing Law
- Introduces a formal requirement for annual testimony that did not previously exist in this section of the Riegle Act.
- Creates a structured process for congressional review of Fund activities, shifting from ad hoc reporting to a recurring testimony obligation.
Potential Impacts
- On government agencies: Increases reporting demands on the Treasury Department and the Community Development Financial Institutions Fund, potentially requiring additional preparation time and resources.
- On citizens: May indirectly improve accountability for community development funding, leading to more effective use of resources in underserved areas.
- On international relations: No direct effects are outlined in the legislation.
Main Stakeholders Affected
- U.S. Department of the Treasury and the Community Development Financial Institutions Fund.
- House Committee on Financial Services and Senate Committee on Banking, Housing, and Urban Affairs.
- Community development financial institutions and the communities they serve.
Notable Legal, Constitutional, or Political Implications
- Reinforces Congress's oversight authority over executive branch agencies under the separation of powers framework.
- The discretionary nature of the testimony requirement limits mandatory obligations while still promoting regular dialogue.
- No changes to funding levels, eligibility rules, or program operations are included.
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Cosponsors (1)
Recent Actions
- 2026-03-03: Referred to the House Committee on Financial Services.
- 2026-03-03: Introduced in House
- 2026-03-03: Introduced in House
Bill Versions
- CDFI Fund Transparency Act — issued 2026-03-03 — PDF (2 pages)