[Congressional Record Volume 169, Number 120 (Thursday, July 13, 2023)]
[Senate]
[Pages S2627-S2628]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 479. Ms. SMITH submitted an amendment intended to be proposed by 
her to the bill S. 2226, to authorize appropriations for fiscal year 
2024 for military activities of the Department of Defense, for military 
construction, and for defense activities of the Department of Energy, 
to prescribe military personnel strengths for such fiscal year, and for 
other purposes; which was ordered to lie on the table; as follows:
       At the end of title X of division A, add the following:

        Subtitle H--CDFI Bond Guarantee Program Improvement Act

     SEC. 1091. SHORT TITLE.

       This subtitle may be cited as the ``CDFI Bond Guarantee 
     Program Improvement Act of 2023''.

     SEC. 1092. 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. 1093. 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

[[Page S2628]]

     $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 2023''.
       (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. 1094. 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).
                                 ______