Remarks by Secretary of the Treasury Janet L. Yellen on the 30th Anniversary of the Community Development Financial Institution Fund

<!DOCTYPE html>  <html lang="en" dir="ltr" prefix="content: http://purl.org/rss/1.0/modules/content/ dc: http://purl.org/dc/terms/ foaf: http://xmlns.com/foaf/0.1/ og: http://ogp.me/ns# rdfs: http://www.w3.org/2000/01/rdf-schema# schema: http://schema.org/ sioc: http://rdfs.org/sioc/ns# sioct: http://rdfs.org/sioc/types# skos: http://www.w3.org/2004/02/skos/core# xsd: http://www.w3.org/2001/XMLSchema# "> <head> <meta charset="utf-8" /> <script async src="https://www.googletagmanager.com/gtag/js?id=G-QTKLZK8R7K"></script> <script>window.dataLayer = window.dataLayer || [];function gtag(){dataLayer.push(arguments)};gtag("js", new Date());gtag("set", "developer_id.dMDhkMT", true);gtag("config", "G-QTKLZK8R7K", {"groups":"default","page_placeholder":"PLACEHOLDER_page_location","allow_ad_personalization_signals":false});gtag("config", "UA-19138737-19", {"groups":"default","anonymize_ip":true,"page_placeholder":"PLACEHOLDER_page_path","allow_ad_personalization_signals":false});</script> <link rel="canonical" href="https://home.treasury.gov/news/press-releases/jy2726" /> <meta property="og:site_name" content="U.S. Department of the Treasury" /> <meta property="og:type" content="article" /> <meta property="og:url" content="https://home.treasury.gov/news/press-releases/jy2726" /> <meta property="og:title" content="Remarks by Secretary of the Treasury Janet L. Yellen on the 30th Anniversary of the Community Development Financial Institution Fund" /> <meta property="og:description" content="As Prepared for Delivery Good afternoon. It’s an honor to welcome President Clinton to Treasury today to mark the recent 30th anniversary of the establishment of the Community Development Financial Institutions Fund.President Clinton and I have a long-standing shared belief that increasing access to economic opportunity for people and places that historically have been underserved is crucially important, both as a matter of fairness and because it bolsters our country’s economic strength.CDFIs play a key role in achieving this objective. They’re better positioned than traditional banks to reach underserved communities and offer essential financial services, from home mortgages to small business loans. And over decades, we’ve seen them become an increasingly important part of the U.S. financial system. In 1997, there were fewer than 200 CDFIs nationwide. Now, there are more than 1,400, holding approximately $450 billion in assets.The CDFI Fund has been a key part of this story. Since its establishment and across both Democratic and Republican administrations, it has provided more than $8 billion to CDFIs and mission-driven lenders and $81 billion in tax credits to community development entities. In 2023, it awarded more assistance than in any other year in its history. And one analysis finds that every dollar the CDFI Fund invests catalyzes at least eight more dollars in private sector investment.Behind these numbers are significant impacts on the lives of Americans across the country. That’s been true for decades, but I’d like to focus today on what it has looked like under this Administration. Thanks to CDFI champions in Congress like Senator Warner, Senator Crapo, and Congresswoman Waters, we have seen the largest ever single investment in CDFIs, and also many other actions.When we came into office almost four years ago, we were in the depths of the COVID-19 pandemic. Thousands of Americans were dying each day, and the unemployment rate was 50 percent higher than it is now. Households faced the threat of evictions or foreclosures. Small businesses struggled to pay their bills.In response, our Administration acted decisively to get workers and businesses the support they needed and to help communities begin investing for the long-term. We worked through programs like the Rapid Response Program and the Emergency Capital Investment Program to deploy capital quickly and broadly and to reach low- and moderate-income communities. A CDFI in Arkansas reported having supported purchasing a building to house a new family health clinic in a county with particularly poor health outcomes. A minority depository institution in Florida reported providing loans to a manufacturer in Puerto Rico, which became its municipality’s largest employer. In Texas, a CDFI and MDI reported originating loans to consumers with no or limited credit history so they could avoid predatory lenders.These efforts helped drive a recovery that was not only historically fast but was also historically inclusive. The record growth in new business applications included a surge in applications in Black and Hispanic communities. Black and Hispanic unemployment rates fell faster than in previous recessions and reached near historic lows. The gap between urban and rural unemployment rates narrowed significantly.And CDFIs and the CDFI Fund did not just play a crucial role in the recovery. As we recovered, they also helped tackle longstanding challenges to help drive economic growth.Last June, I announced that the CDFI Fund would provide an additional $100 million over the next three years to increase the supply of affordable housing. This $100 million will come from payments we’re receiving from Emergency Capital Investment Program investments, so it’s a creative way to make our dollars go further. And just last month, the CDFI Fund’s Capital Magnet Fund awarded nearly $250 million to 48 organizations for the development of affordable housing and community facilities. This will result in more than 26,000 affordable housing units. Also last month the CDFI Bond Guarantee Program made the largest issuance in its history. Funds will go toward owner-occupied homes in Mississippi and Alabama; rental housing in Minnesota; and commercial real estate in New Mexico, among many other uses.And I’m very glad to share that today the CDFI Fund is awarding an additional $76 million in Technical Assistance awards to more than 250 organizations to help them build capacity to become certified CDFIs and carry out their crucial work. As we step back and reflect on today, it’s undeniable that the CDFI Fund has played a key role since its establishment in 1994 and continued to do so in our economic recovery and now in our medium- and long-term economic agenda. It’s also consistently benefitted from support from both parties, such as through the bipartisan Senate Community Development Finance Caucus, chaired by Senator Warner and Senator Crapo.And CDFIs are recognized as a key tool to increase opportunity not only by many in both parties but also by the private sector. Over the last four years, many of America’s largest companies have together committed over $1 billion in cash deposits to CDFIs to increase their liquidity and ability to lend to underserved communities. Vice President Harris has been crucial in leading this work.And there’s no question why there’s such widespread support: The CDFI Fund has helped revitalize and strengthen communities across this country, benefitting all of us.President Clinton had the foresight to see this potential thirty years ago, with a powerful vision of driving economic revitalization and community development, including in rural communities across the country. And he had the determination to help set this all in motion. He began calling for the creation of the CDFI Fund as Governor of Arkansas and championed the legislation creating it shortly after becoming President. It passed with overwhelming bipartisan support. He said on that occasion: “We have got to find ways to reach into the isolated areas of America to bring the promise of America. Ultimately, that is what this whole idea of community development financial institutions are all about.”Just over two years later, I was fortunate to join President Clinton’s White House as Chair of the Council of Economic Advisors and was honored to have the opportunity to help him advance this vision.Now, thirty years later, I am proud that the Treasury Department is carrying forward that legacy and strengthening and expanding the CDFI Fund’s work. And I strongly believe the CDFI Fund must be equipped to continue this crucial work.President Clinton, thank you for your foresight and determination. We are glad to have you join us at Treasury today to mark this anniversary and affirm the CDFI Fund’s tremendous importance for communities across America, now and in the years to come.Let me now turn the floor over to President Clinton.###" /> <meta property="og:image" content="https://home.treasury.gov/system/files/291/treasury-preview-1900x950.jpg" /> <meta property="og:image:type" content="image/jpeg" /> <meta property="og:image:width" content="1900px" /> <meta property="og:image:height" content="950px" /> <meta property="og:image:alt" content="U.S. Department of the Treasury" /> <meta property="og:updated_time" content="2024-11-21" /> <meta name="twitter:card" content="summary_large_image" /> <meta name="twitter:site" content="@USTreasury" /> <meta name="twitter:title" content="Remarks by Secretary of the Treasury Janet L. 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href="/about/general-information/organizational-chart">Organizational Chart</a></p> <p><a href="/about/general-information/orders-and-directives">Orders and Directives</a></p> </div> </div> <div data-block-plugin-id="block_content:43c80fae-0d72-480c-a816-6dc13b206886" class="block block-block-content block-block-content43c80fae-0d72-480c-a816-6dc13b206886 no-underline"> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><h2><a href="https://home.treasury.gov/about/offices">Offices</a></h2><p><a href="/about/offices/domestic-finance">Domestic Finance</a></p><p><a href="/about/offices/economic-policy">Economic Policy</a></p><p><a href="/about/offices/general-counsel">General Counsel</a></p><p><a href="/about/offices/international-affairs">International Affairs</a></p><p><a href="/about/offices/management">Management</a></p><p><a href="/about/offices/public-affairs">Public Affairs</a></p><p><a href="/about/offices/tax-policy">Tax Policy</a></p><p><a href="/about/offices/terrorism-and-financial-intelligence">Terrorism and Financial Intelligence</a></p><p><a href="/policy-issues/tribal-affairs">Tribal and Native Affairs</a></p><p><a href="/services/report-fraud-waste-and-abuse/inspectors-general">Inspectors General</a></p></div> </div> </div> </div> <div class="secretarys-bio sub-nav-group secretary-column" id="column-3"> <div class="block-region-col3"> <div data-block-plugin-id="block_content:599924e8-ff63-46da-a2ed-4f3c5739455d" class="block block-block-content block-block-content599924e8-ff63-46da-a2ed-4f3c5739455d no-underline"> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><h2><a href="/about/bureaus">Bureaus</a></h2><p><a href="https://www.ttb.gov/">Alcohol and Tobacco Tax and Trade Bureau (TTB)</a></p><p><a href="https://www.moneyfactory.gov/">Bureau of Engraving & Printing (BEP)</a></p><p><a href="https://www.fincen.gov/">Financial Crimes Enforcement Network (FinCEN)</a></p><p><a href="https://www.fiscal.treasury.gov/">Bureau of the Fiscal Service (BFS)</a></p><p><a href="https://www.irs.gov/">Internal Revenue Service (IRS)</a></p><p><a href="https://www.occ.treas.gov/">Office of the Comptroller of the Currency (OCC)</a></p><p><a href="https://www.usmint.gov/">U.S. Mint</a></p><p><a href="https://www.treasury.gov/about/organizational-structure/ig/Pages/default.aspx">Office of Inspector General (OIG)</a></p><p><a href="https://www.treasury.gov/tigta/">Treasury Inspector General for Tax Administration (TIGTA)</a></p><p><a href="https://www.sigpr.gov/">Special Inspector General for Pandemic Recovery (SIGPR)</a></p></div> </div> </div> </div> <div class="sub-nav-group secretary-remarks secretary-column" id="column-4"> <div class="block-region-col4"> <div data-block-plugin-id="block_content:3e5cbfc4-de8d-4151-9710-95efaf040648" class="block block-block-content block-block-content3e5cbfc4-de8d-4151-9710-95efaf040648 no-underline"> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><h2><a href="/about/budget-financial-reporting-planning-and-performance">Budget, Financial Reporting, Planning and Performance</a></h2><p><a href="/about/budget-financial-reporting-planning-and-performance/strategic-plan">Strategic Plan</a></p><p><a href="/about/budget-financial-reporting-planning-and-performance/budget-requestannual-performance-plan-and">Budget Request/Annual Performance Plan and Reports</a></p><p><a href="/about/budget-financial-reporting-planning-and-performance/agency-financial-report">Agency Financial Report</a></p><p><a href="/about/budget-financial-reporting-planning-and-performance/inspector-general-audits-and">Inspector General Audits and Investigative Reports</a></p><p><a href="/about/budget-financial-reporting-planning-and-performance/irs-strategic-operating-plan">IRS 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href="/about/history/freedmans-bank-building">Freedman's Bank Building</a></p> </div> </div> </div> </div> <div class="sub-nav-group secretary-column" id="column-6"> <div class="block-region-col6"> <div data-block-plugin-id="block_content:d6469877-15d1-4dd2-9da1-c4a8c29fde97" class="block block-block-content block-block-contentd6469877-15d1-4dd2-9da1-c4a8c29fde97 no-underline"> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><h2><a href="/about/careers-at-treasury">Careers</a></h2><p><a href="/about/careers-at-treasury/careers-at-headquarters">At Headquarters</a></p><p><a href="/about/careers-at-treasury/careers-at-our-bureaus">At Our Bureaus </a></p><p><a href="/about/careers-at-treasury/top-ten-reasons-to-work-for-treasury">Top 10 Reasons to Work Here</a></p><p><a href="/about/careers-at-treasury/benefits-and-growth">Benefits and Growth</a></p><p><a href="/about/careers-at-treasury/workforce">Workforce</a></p><p><a href="/about/careers-at-treasury/veterans-employment">Veterans Employment</a></p><p><a href="/about/careers-at-treasury/pathways-programs">Pathways</a></p><p><a href="/about/careers-at-treasury/how-to-apply">How to Apply</a></p><p><a href="https://treasury.usajobs.gov/">Search Jobs</a></p><p><a href="/about/careers-at-treasury/the-fair-chance-to-compete-act">The Fair Chance to Compete Act</a></p></div> </div> </div> </div> </div> </div> </article> </div> </li> <li class="nav-item "> <a href="/policy-issues" class="mm-top" onclick="return false;">Policy Issues</a> <div class="sub-nav"> <article class="node node--type-mega_menu_panel node--view-mode-full clearfix"> <div> <div class="treas-search-menu grid-container" id="megamenu-search"> <div class="grid-row"> <div class="grid-col"> <div class="treas-search-menu__component"> <div class="search-block searchgov_block_wrapper"> <div class="region region-search-menu"> <div id="block-hamilton-searchgovblock" data-block-plugin-id="searchgov_block" class="block block-searchgov-drupal block-searchgov-block no-underline"> <form id="search_form" action="https://search.usa.gov/search" accept-charset="UTF-8" method="get"><input name="utf8" type="hidden" value="✓" /> <input type="hidden" name="affiliate" id="affiliate" value="treas" /> <label for="query">Enter Search Term(s):</label> <input type="text" name="query" id="query" autocomplete="off" placeholder="Enter keywords" class="usagov-search-autocomplete" /> <div class="adv-search-link"><a href="https://search.usa.gov/search/advanced?affiliate=treas" class="hidden">Advanced Search</a></div> <input type="submit" name="commit" value="GO" class="search-form__submit" data-disable-with="Search" /> </form> </div> </div> </div> </div> </div> </div> </div> <div class="mobile-sub-nav"> <div class="block-region-col1"> <div data-block-plugin-id="entity_field:node:title" class="block block-ctools-block block-entity-fieldnodetitle no-underline"> <span class="field field--name-title field--type-string field--label-above">Policy Issues</span> </div> </div> </div> <div class="mobile-scroll-wrap"> <div class="sub-nav-group secretarys-photo secretary-column" id="column-2"> <div class="block-region-col2"> <div data-block-plugin-id="block_content:87238aca-8139-42ee-bd6e-b2fe3ab84737" class="block block-block-content block-block-content87238aca-8139-42ee-bd6e-b2fe3ab84737 no-underline"> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><h2><a href="https://home.treasury.gov/policy-issues/coronavirus">COVID19 Economic Relief</a></h2> <p><a href="https://home.treasury.gov/policy-issues/coronavirus/assistance-for-American-families-and-workers">American Families and Workers</a></p> <p><a href="https://home.treasury.gov/policy-issues/coronavirus/assistance-for-small-businesses">Small Businesses</a></p> <p><a href="https://home.treasury.gov/policy-issues/coronavirus/assistance-for-state-local-and-tribal-governments">State, Local, and Tribal Governments</a></p> <p><a href="https://home.treasury.gov/policy-issues/coronavirus/assistance-for-american-industry">American Industry</a></p> </div> </div> <div data-block-plugin-id="block_content:a85db02e-9805-4e62-919b-1d3fc20955bd" class="block block-block-content block-block-contenta85db02e-9805-4e62-919b-1d3fc20955bd no-underline"> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><h2><a href="/policy-issues/tax-policy">Tax Policy</a></h2> <p><a href="/policy-issues/tax-policy/revenue-proposals">Revenue Proposals</a></p> <p><a href="/policy-issues/tax-policy/tax-expenditures">Tax Expenditures</a></p> <p><a href="/policy-issues/tax-policy/international-tax">International Tax</a></p> <p><a href="/policy-issues/tax-policy/treaties">Treaties and Related Documents</a></p> <p><a href="/policy-issues/tax-policy/foreign-account-tax-compliance-act">Foreign Account Tax Compliance Act (FATCA) </a></p> <p><a href="/policy-issues/tax-policy/office-of-tax-policy-reports">Reports</a></p> <p><a href="/policy-issues/tax-policy/office-of-tax-analysis">Tax Analysis</a></p> <p><a href="/policy-issues/tax-policy/tax-regulatory-process">Tax Regulatory Process</a></p> </div> </div> </div> </div> <div class="secretarys-bio sub-nav-group secretary-column" id="column-3"> <div class="block-region-col3"> <div data-block-plugin-id="block_content:45a7d3ca-8604-4462-bf30-0677d48e49c4" class="block block-block-content block-block-content45a7d3ca-8604-4462-bf30-0677d48e49c4 no-underline"> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><h2><a href="/policy-issues/economic-policy">Economic Policy</a></h2> <p><a href="/data/treasury-coupon-issues-and-corporate-bond-yield-curves/treasury-coupon-issues">Treasury Coupon Issues</a></p> <p><a href="/data/treasury-coupon-issues-and-corporate-bond-yield-curve/corporate-bond-yield-curve">Corporate Bond Yield Curve</a></p> <p><a href="/policy-issues/economic-policy/economic-policy-reports">Economic Policy Reports</a></p> <p><a href="/policy-issues/economic-policy/social-security-and-medicare-trustee-reports">Social Security and Medicare</a></p> <p><a href="/policy-issues/economic-policy/total-taxable-resources">Total Taxable Resources</a></p> </div> </div> <div data-block-plugin-id="block_content:504b3551-baa1-4c2a-9f14-21016fc2bc43" class="block block-block-content block-block-content504b3551-baa1-4c2a-9f14-21016fc2bc43 no-underline"> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><h2><a href="/policy-issues/terrorism-and-illicit-finance">Terrorism and Illicit Finance</a></h2> <p><a href="https://ofac.treasury.gov/">Sanctions</a></p> <p><a href="/policy-issues/terrorism-and-illicit-finance/treasury-executive-office-for-asset-forfeiture-teoaf">Asset Forfeiture</a></p> <p><a href="/policy-issues/terrorism-and-illicit-finance/domestic-violent-extremism">Domestic Violent Extremism</a></p> <p><a href="/policy-issues/terrorism-and-illicit-finance/311-actions">311 Actions</a></p> <p><a href="/policy-issues/terrorism-and-illicit-finance/terrorist-finance-tracking-program-tftp">Terrorist Finance Tracking Program</a></p> <p><a href="/policy-issues/terrorism-and-illicit-finance/money-laundering">Money Laundering</a></p> <p><a href="/policy-issues/terrorism-and-illicit-finance/financial-action-task-force">Financial Action Task Force</a></p> <p><a href="/about/offices/terrorism-and-financial-intelligence/protecting-charitable-organizations">Protecting Charitable Organizations</a></p> </div> </div> </div> </div> <div class="sub-nav-group secretary-remarks secretary-column" id="column-4"> <div class="block-region-col4"> <div data-block-plugin-id="block_content:edc8b9ed-47da-4ab8-80bd-3fb2302d29a9" class="block block-block-content block-block-contentedc8b9ed-47da-4ab8-80bd-3fb2302d29a9 no-underline"> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><h2><a href="/policy-issues/financing-the-government">Financing the Government </a></h2> <p><a href="/policy-issues/financing-the-government/quarterly-refunding">Treasury Quarterly Refunding</a></p> <p><a href="/policy-issues/financing-the-government/interest-rate-statistics">Interest Rate Statistics</a></p> <p><a href="/policy-issues/financing-the-government/treasury-marketable-and-non-marketable-securities">Treasury Securities</a></p> <p><a href="/policy-issues/financing-the-government/treasury-investor-data">Treasury Investor Data</a></p> <p><a href="/policy-issues/financing-the-government/debt-management-research">Debt Management Research</a></p> </div> </div> <div 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Office</a></p> <p><a href="/policy-issues/financial-markets-financial-institutions-and-fiscal-service/restore-act">RESTORE Act</a></p> <p><a href="/policy-issues/financial-markets-financial-institutions-and-fiscal-service/1603-program-payments-for">1603 Program</a></p> <p><a href="https://www.cdfifund.gov/">The Community Development Financial Institution (CDFI) Fund</a></p> <p><a href="https://www.makinghomeaffordable.gov/">Making Home Affordable</a></p> </div> </div> </div> </div> <div class="sub-nav-group secretary-travel-schedule secretary-column" id="column-5"> <div class="block-region-col5"> <div data-block-plugin-id="block_content:e779a09f-978f-4675-8c82-4d49327126bb" class="block block-block-content block-block-contente779a09f-978f-4675-8c82-4d49327126bb no-underline"> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><h2><a href="https://ofac.treasury.gov/">Financial Sanctions</a></h2> <p><a href="https://ofac.treasury.gov/specially-designated-nationals-and-blocked-persons-list-sdn-human-readable-lists">Specially Designated Nationals List (SDN List)</a></p> <p><a href="https://ofac.treasury.gov/consolidated-sanctions-list-non-sdn-lists">Consolidated Sanctions List</a></p> <p><a href="https://ofac.treasury.gov/sanctions-list-search-tool">Search OFAC's Sanctions Lists</a></p> <p><a href="https://ofac.treasury.gov/other-ofac-sanctions-lists">Additional Sanctions Lists</a></p> <p><a href="https://ofac.treasury.gov/recent-actions">OFAC Recent Actions</a></p> <p><a href="https://ofac.treasury.gov/sanctions-programs-and-country-information">Sanctions Programs and Country Information</a></p> <p><a href="https://ofac.treasury.gov/faqs">Frequently Asked Questions</a></p> <p><a href="https://ofac.treasury.gov/civil-penalties-and-enforcement-information">OFAC Civil Penalties and Enforcement</a></p> <p><a href="https://ofac.treasury.gov/contact-ofac">Contact OFAC</a></p> </div> </div> <div data-block-plugin-id="block_content:2ca3d625-6c59-4e8d-af94-c1e12a9a5e41" class="block block-block-content block-block-content2ca3d625-6c59-4e8d-af94-c1e12a9a5e41 no-underline"> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><h2><a href="/policy-issues/consumer-policy">Consumer Policy</a></h2> <p><a href="/policy-issues/consumer-policy/financial-literacy-and-education-commission">Financial Literacy and Education Commission</a></p> <p><a href="https://www.mymoney.gov/">Mymoney.gov</a></p> <p><a href="/policy-issues/consumer-policy/innovations-in-financial-services">Innovations in Financial Services</a></p> <p><a href="/policy-issues/consumer-policy/featured-research">Featured Research</a></p> </div> </div> </div> </div> <div class="sub-nav-group secretary-column" id="column-6"> <div class="block-region-col6"> <div data-block-plugin-id="block_content:db30dc82-8265-4b2b-a85f-2d67961ebe49" class="block block-block-content block-block-contentdb30dc82-8265-4b2b-a85f-2d67961ebe49 no-underline"> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><h2><a href="/policy-issues/international">International</a></h2><p><a href="/policy-issues/international/the-committee-on-foreign-investment-in-the-united-states-cfius">The Committee on Foreign Investment in the United States (CFIUS)</a></p><p><a href=" /policy-issues/international/outbound-investment-program">Outbound Investment Security Program </a></p><p><a href="/policy-issues/international/exchange-stabilization-fund">Exchange Stabilization Fund</a></p><p><a href="/policy-issues/international/g-7-and-g-20">G-7 and G-20</a></p><p><a href="/policy-issues/international/international-monetary-fund">International Monetary Fund</a></p><p><a href="/policy-issues/international/multilateral-development-banks">Multilateral Development Banks</a></p><p><a href="/policy-issues/international/macroeconomic-and-foreign-exchange-policies-of-major-trading-partners">Macroeconomic and Foreign Exchange Policies of Major Trading Partners</a></p><p><a href="/policy-issues/international/exchange-rate-analysis">Exchange Rate Analysis</a></p><p><a href="/policy-issues/international/us-china-comprehensive-economic-dialogue">U.S.-China Comprehensive Strategic Economic Dialogue (CED)</a></p></div> </div> <div data-block-plugin-id="block_content:ee06edda-a3f6-4eb7-9711-46c815e911a9" class="block block-block-content block-block-contentee06edda-a3f6-4eb7-9711-46c815e911a9 no-underline"> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><h2><a href="/policy-issues/small-business-programs">Small Business Programs</a></h2> <p><a href="/policy-issues/small-business-programs/small-and-disadvantaged-business-utilization-0">Small and Disadvantaged Business Utilization</a></p> <p><a href="/policy-issues/small-business-programs/small-business-lending-fund">Small Business Lending Fund</a></p> <p><a href="/policy-issues/small-business-programs/state-small-business-credit-initiative-ssbci">State Small Business Credit Initiative</a></p> </div> </div> <div data-block-plugin-id="block_content:67ed2f97-7a9f-4b86-9df7-e63b30af96ae" class="block block-block-content block-block-content67ed2f97-7a9f-4b86-9df7-e63b30af96ae no-underline"> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><h2><a href="/policy-issues/tribal-affairs">Tribal Affairs</a></h2> </div> </div> </div> </div> </div> </div> </article> </div> </li> <li class="nav-item "> <a href="/data" class="mm-top" onclick="return false;">Data</a> <div class="sub-nav"> <article class="node node--type-mega_menu_panel node--view-mode-full clearfix"> <div> <div class="treas-search-menu grid-container" id="megamenu-search"> <div class="grid-row"> <div class="grid-col"> <div class="treas-search-menu__component"> <div class="search-block searchgov_block_wrapper"> <div class="region region-search-menu"> <div id="block-hamilton-searchgovblock" data-block-plugin-id="searchgov_block" class="block block-searchgov-drupal block-searchgov-block no-underline"> <form id="search_form" action="https://search.usa.gov/search" accept-charset="UTF-8" method="get"><input name="utf8" type="hidden" value="✓" /> <input type="hidden" name="affiliate" id="affiliate" value="treas" /> <label for="query">Enter Search Term(s):</label> <input type="text" name="query" id="query" autocomplete="off" placeholder="Enter keywords" class="usagov-search-autocomplete" /> <div class="adv-search-link"><a href="https://search.usa.gov/search/advanced?affiliate=treas" class="hidden">Advanced Search</a></div> <input type="submit" name="commit" value="GO" class="search-form__submit" data-disable-with="Search" /> </form> </div> </div> </div> </div> </div> </div> </div> <div class="mobile-sub-nav"> <div class="block-region-col1"> <div data-block-plugin-id="entity_field:node:title" class="block block-ctools-block block-entity-fieldnodetitle no-underline"> <span class="field field--name-title field--type-string field--label-above">Data</span> </div> </div> </div> <div class="mobile-scroll-wrap"> <div class="sub-nav-group secretarys-photo secretary-column" id="column-2"> <div class="block-region-col2"> <div data-block-plugin-id="block_content:9258b68a-9e90-42b1-b7c5-9049081662a0" class="block block-block-content block-block-content9258b68a-9e90-42b1-b7c5-9049081662a0 no-underline"> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><h2><a href="/policy-issues/financing-the-government/interest-rate-statistics">Interest Rates</a></h2><p><a href="/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve&field_tdr_date_value=2025">Daily Treasury Par Yield Curve Rates</a></p><p><a href="/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_real_yield_curve&field_tdr_date_value=2025">Daily Treasury Par Real Yield Curve Rates</a></p><p><a href="/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_bill_rates&field_tdr_date_value=2025">Daily Treasury Bill Rates</a></p><p><a href="/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_long_term_rate&field_tdr_date_value=2025">Daily Treasury Long-Term Rates</a></p><p><a href="/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_real_long_term&field_tdr_date_value=2025">Daily Treasury Real Long-Term Rates</a></p><p> </p></div> </div> <div data-block-plugin-id="block_content:edd753f5-38d8-4209-a98c-27488d0d2fb1" class="block block-block-content block-block-contentedd753f5-38d8-4209-a98c-27488d0d2fb1 no-underline"> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><h2><a href="/data/treasury-coupon-issues-and-corporate-bond-yield-curves">Treasury Coupon-Issue and Corporate Bond Yield Curve</a></h2> <p><a href="/data/treasury-coupon-issues-and-corporate-bond-yield-curves/treasury-coupon-issues">Treasury Coupon Issues</a></p> <p><a href="/data/treasury-coupon-issues-and-corporate-bond-yield-curve/corporate-bond-yield-curve">Corporate Bond Yield Curve</a></p> </div> </div> </div> </div> <div class="secretarys-bio sub-nav-group secretary-column" id="column-3"> <div class="block-region-col3"> <div data-block-plugin-id="block_content:3e280843-aad7-4e99-a3ad-4aa1d8d38a45" class="block block-block-content block-block-content3e280843-aad7-4e99-a3ad-4aa1d8d38a45 no-underline"> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><h2>Federal Financial Data</h2> <p><a href="https://fiscaldata.treasury.gov/americas-finance-guide/ ">Your Guide to America’s Finances</a></p> <p><a href="https://fiscaldata.treasury.gov/datasets/monthly-treasury-statement/summary-of-receipts-outlays-and-the-deficit-surplus-of-the-u-s-government">Monthly Treasury Statement</a></p> <p><a href="https://fiscaldata.treasury.gov/datasets/daily-treasury-statement/operating-cash-balance">Daily Treasury Statement</a></p> </div> </div> <div data-block-plugin-id="block_content:40da813f-5ffa-4ef2-9e52-6767d2e42042" class="block block-block-content block-block-content40da813f-5ffa-4ef2-9e52-6767d2e42042 no-underline"> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><h2><a href="https://usaspending.gov">How Your Money Is Spent</a></h2> <p><a href="https://www.usaspending.gov/">USAspending.gov</a></p> </div> </div> <div data-block-plugin-id="block_content:1fa5995a-90da-46f6-98f6-f892b7e83b25" class="block block-block-content block-block-content1fa5995a-90da-46f6-98f6-f892b7e83b25 no-underline"> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><h2><a href="https://www.treasurydirect.gov/govt/reports/pd/pd_debttothepenny.htm">National Debt</a></h2> <p><a href="https://fiscaldata.treasury.gov/datasets/debt-to-the-penny/debt-to-the-penny">National Debt to the Penny</a></p> <p><a href="https://fiscaldata.treasury.gov/datasets/historical-debt-outstanding/historical-debt-outstanding">Historical Debt Outstanding</a></p> <p><a href="https://fiscaldata.treasury.gov/datasets/monthly-statement-public-debt/summary-of-treasury-securities-outstanding">Monthly Statement of the Public Debt </a></p> </div> </div> <div data-block-plugin-id="block_content:5f1697f3-3b2e-4ac3-9b73-2c49fa9926d0" class="block block-block-content block-block-content5f1697f3-3b2e-4ac3-9b73-2c49fa9926d0 no-underline"> </div> </div> </div> <div class="sub-nav-group secretary-remarks secretary-column" id="column-4"> <div class="block-region-col4"> <div data-block-plugin-id="block_content:65eef870-0ea4-4f5d-995e-a15fa42d00bc" class="block block-block-content block-block-content65eef870-0ea4-4f5d-995e-a15fa42d00bc no-underline"> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><h2><a href="/policy-issues/financing-the-government/quarterly-refunding">Quarterly Refunding</a></h2> <p><a href="/policy-issues/financing-the-government/quarterly-refunding/treasury-quarterly-refunding-process">Debt Management Overview and Quarterly Refunding Process</a></p> <p><a href="/policy-issues/financing-the-government/quarterly-refunding/most-recent-quarterly-refunding-documents">Most Recent Documents</a></p> <p><a href="/policy-issues/financing-the-government/quarterly-refunding/quarterly-refunding-archives">Archives</a></p> <p><a href="/policy-issues/financing-the-government/quarterly-refunding/treasury-quarterly-refunding-webcasts">Webcasts</a></p> </div> </div> <div data-block-plugin-id="block_content:b3900a1b-1a1f-4663-8abc-c1c74528e6bc" class="block block-block-content block-block-contentb3900a1b-1a1f-4663-8abc-c1c74528e6bc no-underline"> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><h2><a href="/data/investor-class-auction-allotments">Investor Class Auction Allotments</a></h2> <p> </p> <h2><a href="/data/other-programs">Other Programs</a></h2> </div> </div> </div> </div> <div class="sub-nav-group secretary-travel-schedule secretary-column" id="column-5"> <div class="block-region-col5"> <div data-block-plugin-id="block_content:2a347020-8bd3-4994-88ba-c085eb54364b" class="block block-block-content block-block-content2a347020-8bd3-4994-88ba-c085eb54364b no-underline"> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><h2><a href="/data/treasury-international-capital-tic-system">Treasury International Capital (TIC) System</a></h2><p><a href="/data/treasury-international-capital-tic-system">U.S International Portfolio Investment Statistics</a></p><p><a href="/data/treasury-international-capital-tic-system-home-page/release-dates-of-tic-data-0">Release Dates</a></p><p><a href="/data/treasury-international-capital-tic-system-home-page/tic-forms-instructions">Forms and Instructions</a></p><p><a href="/data/tic-press-releases-by-topic">TIC Press Releases</a></p></div> </div> <div data-block-plugin-id="block_content:b79c5b27-c09f-4372-9f3a-15b7b804a842" class="block block-block-content block-block-contentb79c5b27-c09f-4372-9f3a-15b7b804a842 no-underline"> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><h2><a href="/data/us-international-reserve-position">U.S. International Reserve Position</a></h2> </div> </div> </div> </div> <div class="sub-nav-group secretary-column" id="column-6"> <div class="block-region-col6"> <div data-block-plugin-id="block_content:7b74c93b-9cc7-4791-a582-c36e910c5d41" class="block block-block-content block-block-content7b74c93b-9cc7-4791-a582-c36e910c5d41 no-underline"> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><h2><a href="/data/troubled-assets-relief-program">Troubled Assets Relief Program</a></h2> <p><a href="/data/troubled-assets-relief-program/reports">Reports</a></p> </div> </div> </div> </div> </div> </div> </article> </div> </li> <li class="nav-item "> <a href="/services" class="mm-top" onclick="return false;">Services</a> <div class="sub-nav"> <article class="node node--type-mega_menu_panel node--view-mode-full clearfix"> <div> <div class="treas-search-menu grid-container" id="megamenu-search"> <div class="grid-row"> <div class="grid-col"> <div class="treas-search-menu__component"> <div class="search-block searchgov_block_wrapper"> <div class="region region-search-menu"> <div id="block-hamilton-searchgovblock" data-block-plugin-id="searchgov_block" class="block block-searchgov-drupal block-searchgov-block no-underline"> <form id="search_form" action="https://search.usa.gov/search" accept-charset="UTF-8" method="get"><input name="utf8" type="hidden" value="✓" /> <input type="hidden" name="affiliate" id="affiliate" value="treas" /> <label for="query">Enter Search Term(s):</label> <input type="text" name="query" id="query" autocomplete="off" placeholder="Enter keywords" class="usagov-search-autocomplete" /> <div class="adv-search-link"><a href="https://search.usa.gov/search/advanced?affiliate=treas" class="hidden">Advanced Search</a></div> <input type="submit" name="commit" value="GO" class="search-form__submit" data-disable-with="Search" /> </form> </div> </div> </div> </div> </div> </div> </div> <div class="mobile-sub-nav"> <div class="block-region-col1"> <div data-block-plugin-id="entity_field:node:title" class="block block-ctools-block block-entity-fieldnodetitle no-underline"> <span class="field field--name-title field--type-string field--label-above">Services</span> </div> </div> </div> <div class="mobile-scroll-wrap"> <div class="sub-nav-group secretarys-photo secretary-column" id="column-2"> <div class="block-region-col2"> <div data-block-plugin-id="block_content:cd22a6d8-a500-49bb-a312-73c7d2985388" class="block block-block-content block-block-contentcd22a6d8-a500-49bb-a312-73c7d2985388 no-underline"> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><h2><a href="/services/report-fraud-waste-and-abuse">Report Fraud, Waste & Abuse</a></h2> <p><a href="/services/report-fraud-waste-and-abuse/covid-19-scams">Report COVID-19 Scam Attempts</a></p> <p><a href="/services/report-fraud-waste-and-abuse/report-scam-attempts">Report Scam Attempts</a></p> <p><a href="/services/report-fraud-waste-and-abuse/report-fraud-or-misconduct-related-to-government-contracts-or">Report Fraud Related to Government Contracts</a></p> <p><a href="/services/report-fraud-waste-and-abuse/inspectors-general">Inspectors General</a></p> </div> </div> <div data-block-plugin-id="block_content:5c206fe4-3cd6-4a7f-b337-75d6f0042fbc" class="block block-block-content block-block-content5c206fe4-3cd6-4a7f-b337-75d6f0042fbc no-underline"> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><h2><a href="/services/bonds-and-securities">Bonds and Securities</a></h2> <p><a href="https://www.treasurydirect.gov/tdhome.htm">Buy, Manage, and Redeem</a></p> <p><a href="https://treasuryhunt.gov/">Treasury Hunt - Search for Matured Bonds</a></p> <p><a href="https://www.treasurydirect.gov/indiv/research/indepth/ebonds/res_e_bonds_eeredeem_disaster.htm">Cashing Savings Bonds in Disaster-Declared Areas</a></p> <p><a href="https://www.treasurydirect.gov/faq.htm">Frequently Asked Questions</a></p> </div> </div> <div data-block-plugin-id="block_content:1337c6e2-5df1-4e57-9bb8-7d76ca39c94c" class="block block-block-content block-block-content1337c6e2-5df1-4e57-9bb8-7d76ca39c94c no-underline"> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><h2><a href="/services/grant-programs">Grant Programs</a></h2> <p><a href="/services/social-impact-partnerships/sippra-pay-for-results">Pay for Results (SIPPRA)</a></p> <p><a href="/policy-issues/financial-markets-financial-institutions-and-fiscal-service/restore-act">RESTORE Act</a></p> <p><a href="https://www.cdfifund.gov/Pages/default.aspx">Community Development Financial Institution (CDFI) Fund</a></p> </div> </div> </div> </div> <div class="secretarys-bio sub-nav-group secretary-column" id="column-3"> <div class="block-region-col3"> <div data-block-plugin-id="block_content:697d3b79-4238-4159-8111-a4b033f11319" class="block block-block-content block-block-content697d3b79-4238-4159-8111-a4b033f11319 no-underline"> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><h2><a href="/services/treasury-payments">Treasury Payments</a></h2><p><a href="https://www.irs.gov/refunds">Where is my Refund?</a></p><p><a href="https://fiscal.treasury.gov/pirs/i-want-to.html">Lost or Expired Check</a></p><p><a href="https://www.fiscal.treasury.gov/fsservices/indiv/pmt/dirExpss/dirExpss_home.htm">Direct Express Card</a></p><p><a href="https://www.fiscal.treasury.gov/fsservices/gov/pmt/eft/eft_home.htm">Non-Benefit Federal Payments</a></p><p><a href="https://fiscal.treasury.gov/GoDirect/">Electronic Federal Benefit Payments - GoDirect</a></p></div> </div> <div data-block-plugin-id="block_content:a42a1c43-137d-4599-8c4e-4d6f6030ed6b" class="block block-block-content block-block-contenta42a1c43-137d-4599-8c4e-4d6f6030ed6b no-underline"> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><h2><a href="https://home.treasury.gov/services/currency-and-coins">Currency and Coins</a></h2> <p><a href="https://www.usmint.gov/">Shop for Coin Products</a></p> <p><a href="https://www.bep.gov/services">Shop for Currency Products </a></p> <p><a href="https://www.bep.gov/services/mutilated-currency-redemption">Redeem Damaged Currency</a></p> <p><a href="https://www.bep.gov/">Bureau of Engraving and Printing</a></p> <p><a href="https://www.usmint.gov/">U.S Mint</a></p> <p> </p> </div> </div> </div> </div> <div class="sub-nav-group secretary-remarks secretary-column" id="column-4"> <div class="block-region-col4"> <div data-block-plugin-id="block_content:162bab68-efbe-4083-832b-1499417428d2" class="block block-block-content block-block-content162bab68-efbe-4083-832b-1499417428d2 no-underline"> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><h2><a href="/services/treasury-auctions">Auctions</a></h2><p><a href="https://www.irsauctions.gov/">IRS Auctions</a></p><p><a href="https://www.treasury.gov/auctions/treasury/rp/">Real Estate</a></p><p><a href="https://www.treasury.gov/auctions/treasury/gp/">General Property, Vehicles, Vessels & Aircraft</a></p></div> </div> <div data-block-plugin-id="block_content:04a3cfc7-3c51-4a8f-b13b-6c8463269c42" class="block block-block-content block-block-content04a3cfc7-3c51-4a8f-b13b-6c8463269c42 no-underline"> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><h2><a href="/services/the-multiemployer-pension-reform-act-of-2014">Kline-Miller Multiemployer Pension Reform Act of 2014 </a></h2> <p><a href="/services/the-multiemployer-pension-reform-act-of-2014/applications-for-benefit-suspension">Applications</a></p> <p><a href="/services/the-multiemployer-pension-reform-act-of-2014/frequently-asked-questions-about-the-kline-miller-multiemployer-pension-reform-act">Frequently Asked Questions</a></p> </div> </div> <div data-block-plugin-id="block_content:a7453ce4-9a46-433f-bb6e-f7d19f11a1bc" class="block block-block-content block-block-contenta7453ce4-9a46-433f-bb6e-f7d19f11a1bc no-underline"> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><h2><a href="/services/education">Education</a></h2> <p> </p> </div> </div> </div> </div> <div class="sub-nav-group secretary-travel-schedule secretary-column" id="column-5"> <div class="block-region-col5"> <div data-block-plugin-id="block_content:b91a7ac1-1e69-4dd7-abd4-e453901167a0" class="block block-block-content block-block-contentb91a7ac1-1e69-4dd7-abd4-e453901167a0 no-underline"> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><h2><a href="/services/taxes">Taxes</a></h2> <p><a href="https://www.irs.gov/">Internal Revenue Service (IRS) </a></p> <p><a href="https://www.irs.gov/forms-instructions">IRS Forms, Instructions & Publications</a></p> <p><a href="https://www.irs.gov/refunds">Refund Status</a></p> <p><a href="https://www.irs.gov/businesses/corporations/foreign-account-tax-compliance-act-fatca">Foreign Account Tax Compliance Act</a></p> </div> </div> <div data-block-plugin-id="block_content:e66a6639-cf86-4822-b84e-2afeb5caa7c7" class="block block-block-content block-block-contente66a6639-cf86-4822-b84e-2afeb5caa7c7 no-underline"> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><h2><a href="/services/forms">Forms</a></h2><p><a href="https://www.irs.gov/forms-instructions">IRS Forms and Instructions</a></p><p><a href="https://treasurydirect.gov/forms.htm">Savings Bonds - Treasury Securities</a></p><p><a href="https://bsaefiling.fincen.treas.gov/main.html">Bank Secrecy Act - Fincen 114 and more</a></p><p><a href="https://ofac.treasury.gov/ofac-license-application-page">OFAC License Application</a></p><p><a href="https://ofac.treasury.gov/ofac-reporting-system">OFAC Reporting</a></p><p><a href="/data/treasury-international-capital-tic-system-home-page/tic-forms-instructions">Treasury International Capital (TIC)</a></p></div> </div> </div> </div> <div class="sub-nav-group secretary-column" id="column-6"> <div class="block-region-col6"> <div data-block-plugin-id="block_content:2bc4edd6-3bb0-4803-a971-32a8e2934e37" class="block block-block-content block-block-content2bc4edd6-3bb0-4803-a971-32a8e2934e37 no-underline"> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><h2><a 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class="views-element-container block block-views block-views-blocknews-category-block no-underline" id="block-views-block-news-category-block" data-block-plugin-id="views_block:news-category_block"> <div><div class="news-category view view-news view-id-news view-display-id-category_block js-view-dom-id-fdd01ad81d061ac62a47dfb0886f1081e92c2c65fa13040a0705b5eaae0a2b35"> <div class="view-content"> <div> <div class="news-category">Secretary Statements & Remarks</div> </div> </div> </div> </div> </div> <div id="block-hamilton-page-title" data-block-plugin-id="page_title_block" class="block block-core block-page-title-block no-underline"> <h2 class="uswds-page-title"><span class="field field--name-title field--type-string field--label-hidden">Remarks by Secretary of the Treasury Janet L. Yellen on the 30th Anniversary of the Community Development Financial Institution Fund</span> </h2> </div> <div id="block-addthisblock" data-block-plugin-id="addthis_block" class="block block-treasury-core block-addthis-block no-underline"> <div class="addthis_inline_share_toolbox"></div> </div> <div id="block-hamilton-content" data-block-plugin-id="system_main_block" class="block block-system block-system-main-block no-underline"> <article about="/news/press-releases/jy2726" class="entity--type-node"> <div> <div class="date-format field field--name-field-news-publication-date field--type-datetime field--label-hidden field__item"><time datetime="2024-11-21T17:00:00Z" class="datetime">November 21, 2024</time> </div> <div class="clearfix text-formatted field field--name-field-news-body field--type-text-long field--label-hidden field__item"><p><em>As Prepared for Delivery </em></p><p>Good afternoon. It’s an honor to welcome President Clinton to Treasury today to mark the recent 30th anniversary of the establishment of the Community Development Financial Institutions Fund.</p><p>President Clinton and I have a long-standing shared belief that increasing access to economic opportunity for people and places that historically have been underserved is crucially important, both as a matter of fairness and because it bolsters our country’s economic strength.</p><p>CDFIs play a key role in achieving this objective. They’re better positioned than traditional banks to reach underserved communities and offer essential financial services, from home mortgages to small business loans. And over decades, we’ve seen them become an increasingly important part of the U.S. financial system. In 1997, there were fewer than 200 CDFIs nationwide. Now, there are more than 1,400, holding approximately $450 billion in assets.</p><p>The CDFI Fund has been a key part of this story. Since its establishment and across both Democratic and Republican administrations, it has provided more than $8 billion to CDFIs and mission-driven lenders and $81 billion in tax credits to community development entities. In 2023, it awarded more assistance than in any other year in its history. And one analysis finds that every dollar the CDFI Fund invests catalyzes at least eight more dollars in private sector investment.</p><p>Behind these numbers are significant impacts on the lives of Americans across the country. That’s been true for decades, but I’d like to focus today on what it has looked like under this Administration. Thanks to CDFI champions in Congress like Senator Warner, Senator Crapo, and Congresswoman Waters, we have seen the largest ever single investment in CDFIs, and also many other actions.</p><p>When we came into office almost four years ago, we were in the depths of the COVID-19 pandemic. Thousands of Americans were dying each day, and the unemployment rate was 50 percent higher than it is now. Households faced the threat of evictions or foreclosures. Small businesses struggled to pay their bills.</p><p>In response, our Administration acted decisively to get workers and businesses the support they needed and to help communities begin investing for the long-term. We worked through programs like the Rapid Response Program and the Emergency Capital Investment Program to deploy capital quickly and broadly and to reach low- and moderate-income communities. A CDFI in Arkansas reported having supported purchasing a building to house a new family health clinic in a county with particularly poor health outcomes. A minority depository institution in Florida reported providing loans to a manufacturer in Puerto Rico, which became its municipality’s largest employer. In Texas, a CDFI and MDI reported originating loans to consumers with no or limited credit history so they could avoid predatory lenders.</p><p>These efforts helped drive a recovery that was not only historically fast but was also historically inclusive. The record growth in new business applications included a surge in applications in Black and Hispanic communities. Black and Hispanic unemployment rates fell faster than in previous recessions and reached near historic lows. The gap between urban and rural unemployment rates narrowed significantly.</p><p>And CDFIs and the CDFI Fund did not just play a crucial role in the recovery. As we recovered, they also helped tackle longstanding challenges to help drive economic growth.</p><p>Last June, I announced that the CDFI Fund would provide an additional $100 million over the next three years to increase the supply of affordable housing. This $100 million will come from payments we’re receiving from Emergency Capital Investment Program investments, so it’s a creative way to make our dollars go further. And just last month, the CDFI Fund’s Capital Magnet Fund awarded nearly $250 million to 48 organizations for the development of affordable housing and community facilities. This will result in more than 26,000 affordable housing units. Also last month the CDFI Bond Guarantee Program made the largest issuance in its history. Funds will go toward owner-occupied homes in Mississippi and Alabama; rental housing in Minnesota; and commercial real estate in New Mexico, among many other uses.</p><p>And I’m very glad to share that today the CDFI Fund is awarding an additional $76 million in Technical Assistance awards to more than 250 organizations to help them build capacity to become certified CDFIs and carry out their crucial work. </p><p>As we step back and reflect on today, it’s undeniable that the CDFI Fund has played a key role since its establishment in 1994 and continued to do so in our economic recovery and now in our medium- and long-term economic agenda. It’s also consistently benefitted from support from both parties, such as through the bipartisan Senate Community Development Finance Caucus, chaired by Senator Warner and Senator Crapo.</p><p>And CDFIs are recognized as a key tool to increase opportunity not only by many in both parties but also by the private sector. Over the last four years, many of America’s largest companies have together committed over $1 billion in cash deposits to CDFIs to increase their liquidity and ability to lend to underserved communities. Vice President Harris has been crucial in leading this work.</p><p>And there’s no question why there’s such widespread support: The CDFI Fund has helped revitalize and strengthen communities across this country, benefitting all of us.</p><p>President Clinton had the foresight to see this potential thirty years ago, with a powerful vision of driving economic revitalization and community development, including in rural communities across the country. And he had the determination to help set this all in motion. He began calling for the creation of the CDFI Fund as Governor of Arkansas and championed the legislation creating it shortly after becoming President. It passed with overwhelming bipartisan support. He said on that occasion: “We have got to find ways to reach into the isolated areas of America to bring the promise of America. Ultimately, that is what this whole idea of community development financial institutions are all about.”</p><p>Just over two years later, I was fortunate to join President Clinton’s White House as Chair of the Council of Economic Advisors and was honored to have the opportunity to help him advance this vision.</p><p>Now, thirty years later, I am proud that the Treasury Department is carrying forward that legacy and strengthening and expanding the CDFI Fund’s work. And I strongly believe the CDFI Fund must be equipped to continue this crucial work.</p><p>President Clinton, thank you for your foresight and determination. We are glad to have you join us at Treasury today to mark this anniversary and affirm the CDFI Fund’s tremendous importance for communities across America, now and in the years to come.</p><p>Let me now turn the floor over to President Clinton.</p><p class="text-align-center" style="margin-bottom:13.9pt;margin-left:0in;margin-right:.2pt;margin-top:0in;">###</p></div> <div class="field field--name-field-news-use-featured-image field--type-boolean field--label-above"> <div class="field__label">Use featured image</div> <div class="field__item">Off</div> </div> </div> </article> </div> </div> </div> </section>  <aside class="sidebar-second sidebars" id="sidebar-second"> <div class="region region-sidebar-second"> <div class="views-element-container block block-views block-views-blocklatest-news-block-1 no-underline" id="block-views-block-latest-news-block-1" data-block-plugin-id="views_block:latest_news-block_1"> <div><div class="latest-news view view-latest-news view-id-latest_news 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Remarks by Secretary of the Treasury Janet L. Yellen on the 30th Anniversary of the Community Development Financial Institution Fund | U.S. Department of the Treasury