Reps. Cleaver, Meeks, and Sen. Harris Call for Emergency Measures for CDFIs and MDIs

(Kansas City, MO) – United States Representatives Emanuel Cleaver, II (D-MO) and Gregory Meeks (D-NY), along with Senators Kamala Harris (D-CA), Cory Booker (D-NJ), and 5 other lawmakers, delivered a letter to Federal Reserve Chairman Jerome Powell and Treasury Secretary Steve Mnuchin asking that temporary emergency measure be taken to support Minority Depository Institutions (MDIs) and Community Development Financial Institutions (CDFIs) in their ability to serve small businesses, low- and moderate-income communities, and communities of color that have been disproportionately impacted by the COVID-19 pandemic. Democrats recently succeeded in negotiating funds be set aside for small community banks, MDIs and CDFIs in the recent Paycheck Protection Program (PPP) replenishment, giving truly small businesses and minority business owners better access to the PPP program through small community banks and CDFIs.

"It's clear that low-income communities and communities of color have been hit hardest by the coronavirus and remain extraordinarily vulnerable as the economic burden continues to mount," said Congressman Cleaver. "It's critical that Treasury and the Fed assist these communities with a commensurate response to the challenge at hand, and I'll keep fighting to make sure they do."

The official letter with a list of co-signers is available here.

Emanuel Cleaver, II is the U.S. Representative for Missouri's Fifth Congressional District, which includes Kansas City, Independence, Lee's Summit, Raytown, Grandview, Sugar Creek, Blue Springs, Grain Valley, Oak Grove, North Kansas City, Gladstone, Claycomo, and all of Ray, Lafayette, and Saline Counties. He is a member of the exclusive House Financial Services Committee; Chairman of the House Subcommittee on National Security, International Development, and Monetary Policy; member of the Select Committee on the Modernization of Congress; member of the Committee on Homeland Security; and a Senior Whip of the Democratic Caucus. For more information, please contact Matt Helfant at 202-590-0175 or Matthew.Helfant@mail.house.gov A high-resolution photo of Congressman Cleaver is available here.