Upper Cumberland Times

Washington, DC – On May 9, U.S. Representatives John Rose (R-TN) and Brittany Pettersen (D-CO), both Members of the House Financial Services Committee, introduced the “CDFI Fund Transparency Act” to require the Community Development Financial Institutions (CDFI) Fund Director to testify annually before the House Financial Services Committee and the Senate Banking Committee.

Rep. John Rose released the following statement:

“As the late author Stephen R. Covey wrote, ‘accountability breeds response-ability.’ The accountability established through regular hearings will allow Congress to more ably respond to issues involving the CDFI Fund.”

Rep. Brittany Pettersen released the following statement:

“The CDFI Fund plays a critical role in ensuring that access to credit and capital is available to all communities, particularly minority and economically-distressed communities. This legislation will ensure the CDFI Fund is accountable to Congress and the communities it serves.”  

Read the full text of the bill here.

The Credit Union National Association supports the legislation. Their President and CEO, Jim Nussle, said in a letter: “The CDFI Fund must be fair and well-functioning on behalf of underserved persons and communities, and the credit unions that serve them. It is also in everyone’s best interests that oversight in support of this goal does not impede the CDFI Fund in its operation. This bill appropriately strikes that balance.”

U.S. Representative John Rose is currently serving his third term representing Tennessee’s Sixth Congressional District and resides in Cookeville with his wife, Chelsea, and their two sons, Guy and Sam. The Sixth District includes Cannon, Clay, Cumberland, DeKalb, Fentress, Jackson, Macon, Overton, Pickett, Putnam, Smith, Sumner, Trousdale, Van Buren, and White counties as well as portions of Davidson, Scott, Warren, and Wilson counties. Representative Rose is an eighth-generation farmer, small business owner, and attorney, and currently serves on the House Financial Services Committee and House Agriculture Committee.

Original source can be found here.