Thank you, Mr. Chairman for holding this important hearing on the Community Development Financial Institutions Fund program.
Secretary of the Treasury Robert Rubin has stated that the scope of the CDFI Fund program must be expanded. It is important that communities classified as "distressed" receive the credit they need to invest in businesses and housing in order to promote economic growth and well-being within these lower-income neighborhoods. However, the disturbing reports from the GAO and the House Banking Subcommittee on General Oversight and Investigations give me pause. I anticipate closely scrutinizing the Fund because its impacts have not been clear, and its conflict of interest and monitoring policies have been inadequate.
I look forward to hearing the testimony of the witnesses. Thank you.
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