U.S. Rep. Maxine Waters (D-CA) and U.S. Sen. Mark Warner (D-VA) recently spearheaded the initial Community Development Finance Advisory Group session, which targets public policies supporting minority depository institutions (MDIs) and community development financial institutions (CDFIs).
Waters, chairwoman of the House Committee on Financial Services, and Warner outlined how the MDIs and CDFIs, whose mission includes supporting low and moderate-income communities, communities of color, and minority-owned businesses, would advise Waters and Warner in overseeing the implementation of $12 billion in capital investment and grant programs.
“As part of my ongoing support for MDIs and CDFIs, I look forward to continuing to collaborate with Sen. Warner and key stakeholders in this new forum to help expand federal support for diverse and mission-driven financial institutions,” Waters said. “This will aid our work with the Biden-Harris Administration to ensure that federal programs and policies are improved to be mindful of the unique needs and challenges facing these important institutions that have been a lifeline during the pandemic to the communities they serve.”
Warner said he is proud to work with Waters and colleagues to ensure CDFIs and MDIs support.
“I look forward to working with this group to make sure that these unprecedented investments are implemented in a way that gets this support out the door as efficiently and effectively as possible,” Warner said.