As the Trump administration’s budget-cutting activity continues, the Treasury Department has moved to protect the Community Development Financial Institutions Fund (CDFI), a financial program for low-income and underserved communities.
According to a Bloomberg report, President Trump has ordered the program’s functions to be eliminated to the maximum extent allowed by law. However, the department said the fund is responsible for 11 programs or functions that are all legally required. Bloomberg said this assertion was included in a report to the Office of Management and Budget (OMB).
“The CDFI Fund is performing its statutory functions as required by law,” the report stated. The department noted that it would identify opportunities to improve and enhance efficiencies.
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