S.Amdt. 479

SA 479. Ms. SMITH submitted an amendment intended to be proposed by
her to the bill S. 2226, to authorize appropriations for fiscal year
2024 for military activities of the Department of Defense, for military
construction, and for defense activities of the Department of Energy,
to prescribe military personnel strengths for such fiscal year, and for
other purposes; which was ordered to lie on the table; as follows:
At the end of title X of division A, add the following:

Subtitle H--CDFI Bond Guarantee Program Improvement Act

SEC. 1091. SHORT TITLE.

This subtitle may be cited as the ``CDFI Bond Guarantee
Program Improvement Act of 2023''.

SEC. 1092. SENSE OF CONGRESS.

It is the sense of Congress that the authority to guarantee
bonds under section 114A of the Community Development Banking
and Financial Institutions Act of 1994 (12 U.S.C. 4713a)
(commonly referred to as the ``CDFI Bond Guarantee Program'')
provides community development financial institutions with a
sustainable source of long-term capital and furthers the
mission of the Community Development Financial Institutions
Fund (established under section 104(a) of such Act (12 U.S.C.
4703(a)) to increase economic opportunity and promote
community development investments for underserved populations
and distressed communities in the United States.

SEC. 1093. GUARANTEES FOR BONDS AND NOTES ISSUED FOR
COMMUNITY OR ECONOMIC DEVELOPMENT PURPOSES.

(a) In General.--Section 114A of the Community Development
Banking and Financial Institutions Act of 1994 (12 U.S.C.
4713a) is amended--
(1) in subsection (c)(2), by striking ``, multiplied by an
amount equal to the outstanding principal balance of issued
notes or bonds'';
(2) by amending subsection (e)(2) to read as follows:
``(2) Limitation on guarantee amount.--The Secretary may
not guarantee any amount under the program equal to less than

[[Page S2628]]

$25,000,000, but the total of all such guarantees in any
fiscal year may not exceed $1,000,000,000.''; and
(3) in subsection (k), by striking ``September 30, 2014''
and inserting ``the date that is 4 years after the date of
enactment of the CDFI Bond Guarantee Program Improvement Act
of 2023''.
(b) Clerical Amendment.--The table of contents in section
1(b) of the Riegle Community Development and Regulatory
Improvement Act of 1994 (Public Law 103-315; 108 Stat. 2160)
is amended by inserting after the item relating to section
114 the following:

``Sec. 114A. Guarantees for bonds and notes issued for community or
economic development purposes.''.

SEC. 1094. REPORT ON THE CDFI BOND GUARANTEE PROGRAM.

Not later than 1 year after the date of enactment of this
Act, and not later than 3 years after such date of enactment,
the Secretary of the Treasury shall issue a report to the
Committee on Banking, Housing, and Urban Affairs of the
Senate and the Committee on Financial Services of the House
of Representatives on the effectiveness of the CDFI bond
guarantee program established under section 114A of the
Community Development Banking and Financial Institutions Act
of 1994 (12 U.S.C. 4713a).
______