To amend the Riegle Community Development and Regulatory Improvement Act of 1994 to require annual testimony to Congress on the operations of the Community Development Financial Institutions Fund.

House Bill

H.R. 7775

119th Congress

To amend the Riegle Community Development and Regulatory Improvement Act of 1994 to require annual testimony to Congress on the operations of the Community Development Financial Institutions Fund.

In Committee

Introduced:Mar 3, 2026

Primary Sponsor

John Rose

R - TN

Cosponsors

0

Quick Stats

Summary

This bill would require the director of the Community Development Financial Institutions (CDFI) Fund to testify before Congress every year about how the program is operating. The CDFI Fund provides funding to community lenders that serve low-income neighborhoods and underserved communities, and this bill aims to increase congressional oversight of how those taxpayer dollars are being spent.

Latest Action

Referred to the House Committee on Financial Services.

Introduced3/3/2026

StatusReferred to the House Committee on Financial Services.

ChamberHouse

Data from Congress.gov

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Vote Prediction

To amend the Riegle Community Development and Regulatory Improvement Act of 1994 to require annual testimony to Congress on the operations of the Community Development Financial Institutions Fund.

This bill would require the director of the Community Development Financial Institutions (CDFI) Fund to testify before Congress every year about how the program is operating. The CDFI Fund provides funding to community lenders that serve low-income neighborhoo

Community Breakdown

Pass

0%

Fail

0%

0 predictions

This bill would require the director of the Community Development Financial Institutions (CDFI) Fund to testify before Congress every year about how the program is operating. The CDFI Fund provides funding to community lenders that serve low-income neighborhoods and underserved communities, and this bill aims to increase congressional oversight of how those taxpayer dollars are being spent.

Bill Number: 7775
Introduced: 3/3/2026
Status: Referred to the House Committee on Financial Services.

Data from Congress.gov

AI-generated summary

Fact Sheet

Title: To amend the Riegle Community Development and Regulatory Improvement Act of 1994 to require annual testimony to Congress on the operations of the Community Development Financial Institutions Fund.
Bill Number: 7775
Sponsor: No sponsor
Status: Referred to the House Committee on Financial Services.
Introduced: 3/3/2026
Summary: This bill would require the director of the Community Development Financial Institutions (CDFI) Fund to testify before Congress every year about how the program is operating. The CDFI Fund provides funding to community lenders that serve low-income neighborhoods and underserved communities, and this

Data from Congress.gov

AI Summary

Plain-English explanation of this bill

This bill would require the director of the Community Development Financial Institutions (CDFI) Fund to testify before Congress every year about how the program is operating. The CDFI Fund provides funding to community lenders that serve low-income neighborhoods and underserved communities, and this bill aims to increase congressional oversight of how those taxpayer dollars are being spent.

Last updated: 3/4/2026

Key Points

Main provisions of the bill

Mandates annual congressional testimony from CDFI Fund leadership about program operations and effectiveness
Increases transparency and accountability for a federal program that directs billions of dollars to community development lenders serving disadvantaged areas
The CDFI Fund supports local financial institutions that provide loans and investments in communities often overlooked by traditional banks
Creates a regular checkpoint for Congress to evaluate whether community development investments are reaching their intended beneficiaries

How This Impacts Americans

Potential effects on citizens and communities

This bill would primarily affect how Congress monitors federal community development spending rather than changing services directly. Community organizations, small businesses, and residents in low-income areas who rely on CDFI-backed loans and investments could benefit from enhanced oversight ensuring funds are used effectively. The increased accountability could lead to better program management and more strategic deployment of resources to underserved communities.

Policy Areas

No policy areas assigned yet.

Scope & Jurisdiction

Jurisdiction Level

federal

Congressional Session

119th Congress

Citation Reference

7775, 119th Congress (2026). "To amend the Riegle Community Development and Regulatory Improvement Act of 1994 to require annual testimony to Congress on the operations of the Community Development Financial Institutions Fund.". Source: Voter's Right Platform. https://votersright.org/bills/119-hr-7775

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