Senate releases FY23 appropriations bills

The Senate Appropriations Committee Thursday released its 12 fiscal year 2023 appropriation bills. The House passed six of its appropriations bills, including the FY23 Financial Services and General Government (FSGG) bill, last week.

The House bill contains funding for the Treasury’s Community Development Financial Institutions (CDFI) Fund and NCUA’s Community Development Revolving Loan Fund (CDRLF).

The CDFI Fund makes capital grants, equity investments and awards for technical assistance to certified CDFIs. The CDRLF funds a revolving loan program and a technical assistance program.

Funding levels in the Senate legislation are:

• $324 million for the CDFI Fund. The House-passed bill contains $330 million.
• $3 million for the CDRLF. The House’s bill contains $4 million.

The legislation also calls for $20 million for the U.S. Agency for International Development’s Cooperative Development Program (CDP). The CDP is a global initiative focusing on building capacity of cooperative businesses systems.