U.S. Senators John Boozman, Steve Daines, Mike Crapo, and Mark Warner announced on Mar. 20 the introduction of a bipartisan bill aimed at strengthening Community Development Financial Institutions (CDFI) Fund operations. The proposed Access to Fair Financing for Opportunity and Resilient Development (AFFORD) Act seeks to improve access to capital for small businesses, community banks, and credit unions in underserved and rural areas.
The legislation is intended to address economic disparities by supporting local lenders that play a crucial role in regional economies. “Small businesses and the communities they serve rely on the support of local lenders that underpin our regional and national economy,” said Boozman. “Increasing access to capital and encouraging economic opportunity — especially in rural and underserved areas — is a commonsense and bipartisan way to increase entrepreneurialism and prosperity in Arkansas and beyond.”
If enacted, the AFFORD Act would extend the CDFI Bond Guarantee Program so smaller CDFIs can participate more easily. It would also reauthorize the CDFI Liquidity Enhancement Program with the goal of increasing lending capacity among these institutions.
The measure has broad support with cosponsors from both parties including Senators Tina Smith, Mike Rounds, Jim Risch, Chuck Schumer, Amy Klobuchar, John Hickenlooper, Cory Booker, Chris Van Hollen, Jim Justice, Deb Fischer, Andy Kim, Roger Wicker, Kirsten Gillibrand, Chris Coons, Tim Sheehy, Gary Peters, Dan Sullivan, Michael Bennet, Cindy Hyde-Smith, Ron Wyden, Katie Britt , Dick Durbin , Bill Cassidy , Lisa Murkowski , Kevin Cramer , and Martin Heinrich.
Boozman has been recognized for his advocacy for Arkansas farmers as well as veterans’ care according to his official website. He grew up in Fort Smith before graduating from Northside High School; he later earned an optometry degree from Southern College of Optometry according to his official website. Boozman co-founded a family-owned eye care business in Northwest Arkansas that demonstrates his commitment both to healthcare services provision and small business development according to his official website.
In addition to this legislative effort on financial institutions reform policy making its way through Congress now—Boozman’s committee assignments include Appropriations; Environment & Public Works; Veterans’ Affairs; Rules & Administration; Agriculture Nutrition & Forestry—all roles through which he advocates policies fostering job growth while supporting agriculture according to his official website.
