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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.