Assistant Secretary for Financial Institutions Michael S. Barr Testifies Before Congress on the Role of Community Development Financial Institutions
Mar 12, 2010
On Tuesday, March 9, 2010, Assistant Treasury Secretary for Financial Institutions Michael S. Barr testified before the House Financial Services Committee urging Congress to support the substantial increase in federal funding for Community Development Financial Institutions (CDFIs) set forth in the Obama Administration’s FY 2011 budget. Assistant Secretary Barr testified that during the financial turmoil of the past two years, CDFIs’ traditional primary funding sources of banks, foundations, and socially motivated investors have all been dramatically reduced. President Obama’s proposed FY 2011 budget calls for a 30% increase to the CDFI Fund’s financial and technical assistance program.
To read Assistant Secretary Barr’s remarks click here.