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Senator Mark Warner (D-VA) introduced the Scaling Community Leaders Act of 2022.
The bipartisan legislation was also introduced by Bill Hagerty (R-TN) and aims to help Community Development Financial Institutions unlock more sources of liquidity and support for their activities.
This would also allow more lending in low and moderate income communities.
CDFIs were used heavily during the pandemic through the Paycheck Protection Program.
CDFIs will need more long term patient capital, operating capital and other resources to help modernize their systems.
The new legislation aims to authorize new resources to fund the dormant Section 113 of the Riegle Act of 1994 which allows CDFIs to fund more projects selected on a competitive basis.
To read the full text of the bill, click here.
Today, Governor Glenn Youngkin signed SB 774, patroned by Senator Siobhan Dunnavant, R-Henrico. This bill allows local
school boards to install boxes on the undercarriage of school buses called “bus boxes,” allowing for third-party logistics
companies to use school buses to transport packages between distribution centers. The “bus box” legislative proposal was
brought to Senator Dunnavant by the Robotics Team at Saint Bridget Catholic School.
“From day one, I have focused on providing Virginia’s students with a best-in-class education. The ‘bus box’ is a perfect
example of what’s possible when we foster innovation, provide the necessary educational resources, and encourage our
students to excel,” said Governor Glenn Youngkin. “I would like to thank Senator Dunnavant for her continued leadership on
our education priorities as well as the parents and coaches of these incredible students. Finally, I would like to congratulate
and thank the St. Bridget’s Robotics Team for reminding us all that when students are challenged, they can truly thrive.”
At the bill signing, the Governor and Senator Dunnavant were joined by the creators of the “bus boxes,” a Robotics team
composed of sixth through eighth graders from Saint Bridget Catholic School, known as“Clueless Robotics.” They received
national recognition at the FIRST LEGO League World Championship in Houston and were awarded the “Rising All-Stars Award.”
“I have been so humbled to learn from the Saint Bridget’s Middle School Robotics team, Clueless Robotics. They have
demonstrated the fearless pursuit of the possible,” said Senator Siobhan Dunnavant. “As a new robotics team, they won the
state championship and were awarded at The World Robotics Competition. They also imagined a practical solution to help
with the transportation of goods, tested it and then persuaded support for a legislative solution. They have learned the life
skills of teamwork, imagination and persistence can make anything possible. Congratulations and go Bull Dogs!”