US House Passes Krishnamoorthi and Palazzo Amendment To Increase Economic Development In Distressed Communities
WASHINGTON, DC – Yesterday, the House passed H.R. 6147, an appropriations bill to fund the Department of the Interior, Environmental Protection Agency and other related agencies, which included an amendment coauthored by Congressmen Raja Krishnamoorthi (D-IL) and Steven Palazzo (R-MS). Previously, the Community Development Financial Institutions (CDFI) Fund, under the Department of Treasury, received an additional $25 million dollars of funding, but the legislation did not direct how this funding should be spent. Congressmen Krishnamoorthi and Palazzo’s bipartisan amendment would ensure that funding to the CDFI Fund, under the Department of Treasury, is adequately distributed to programs that increase economic development in distressed communities. Specifically, this amendment directs robust funding to increase lending, investing, and financial services activities in underserved communities, provides job training opportunities in Native American communities, and increases resources to the Healthy Food Financing Initiative which expands access to healthy food options for all Americans.
“I am excited that our bipartisan amendment passed with the underlying bill,” said Congressman Krishnamoorthi. “By ensuring that programs within the CDFI are adequately funded, we can strengthen the health and economic viability of distressed communities across the nation. In Illinois alone, there are 36 CDFIs that play a central role in economic revitalization, and our amendment increases critical resources to these programs in order to help more working Illinoisans reach the middle class. A strong middle class is vital to America’s economy, and good-paying jobs are necessary to lift families and keep them there.”