On December 2, Congress passed a short-term continuing resolution (CR) to maintain fiscal year (FY) 2021 spending levels through February 18, 2022. Such an extension comes after the expiration of a current CR measure, which maintained spending levels through December 3. Given the modified timeline, federal lawmakers will continue to negotiate and aim to finalize an agreement on FY 2022 spending ahead of the new deadline.
The short-term funding agreement comes as lawmakers grapple with an expansive legislative docket for the month of December, including additional negotiations on the Build Back Better package, raising the debt ceiling, and authorizing annual key defense programs. Despite these tasks, there is bipartisan agreement to sustain federal funding and avert a government shutdown.
As Congress negotiates final FY 2022 spending levels, the CR will keep the government funded at FY 2021 levels — including $270 million for the CDFI Fund. Earlier this year, House and Senate appropriators released their Financial Services and General Government funding bills for FY 2022 appropriations. The House-passed FSGG bill provides $330 million for the CDFI Fund while the Senate bill recommends $360 million with additional funding for Financial and Technical Assistance (FA/TA) grants, Native American CDFI Assistance (NACA) grants, Bank Enterprise Awards, and administrative costs.
OFN will continue to monitor the status of the appropriations process and advocate for robust funding for the CDFI Fund.