Rep. Yvette Clarke Calls on Republican Leadership Not to Cut Crucial CDFI Funding in Spending Bill
This week, Congresswoman Yvette D. Clarke sent a letter to Speaker of the House John Boehner and House Majority Leader Eric Cantor urging them to restore the $200 million cut from the Community Development Financial Institutions (CDFI) fund, reflected in H.R. 1, which funds the government through September 30, 2011.
“Cutting this program so drastically will cost 19,000 jobs nationwide, jobs we cannot afford to lose. I understand the need to begin reigning in our national debt, however, this cannot be done at the expense of good jobs,” stated Congresswoman Yvette D. Clarke. “The primary focus of the 112th Congress should be to focus on President Obama call for our nation to out-innovate, out-educate, and out-build the rest of the world so that we can fully recovery from this economic downturn.”
“While it is a hard fact to face, almost a decade of irresponsible tax policies, lax regulatory practices for big banks and fighting two wars overseas under the Bush Administration, turned our once record budget surpluses under the Clinton Administration, into record national debt. As opposed to cutting vital programs that strengthen small businesses, bolster our economy and help working class and disadvantage communities; let us stop implementing the antiquated policies from the Bush Administration. For example the cost of permanently extending the Bush era tax cuts for those who make 250,000 a year or more will cost us $700 billion over ten years,” added Congresswoman Yvette D. Clarke.
“Restoring CDFI Funds will allow our small businesses to directly help restore our economy by giving them the access to capital they need for business development and job creation. As a Member of the House Small Business Committee, I understand that small businesses are the backbone of the economy and these funds play a vital role in ensuring that small businesses continue to pave the way toward full economic recovery,” added Rep. Yvette D. Clarke.
Members of Congress who joined Rep. Yvette D. Clarke’s letter include; Reps. Edolphus Towns; Eleanor Holmes Norton; Sam Farr; Luis Gutierrez; Sheila Jackson Lee; Elijah Cummings; Jesse L. Jackson Jr.; Danny K. Davis; Grace F. Napolitano; Steve Cohen; Emanuel Cleaver II; Marcia L. Fudge; Henry C. “Hank” Johnson; Andre Carson; Hansen Clarke; and Frederica Wilson.
Click here to find a copy of the letter sent to the Republican leadership.