Treasury Secretary Scott Bessent admitted he wasn't aware that a considerable amount of the 2025 budget approved by Congress was not being allocated to a particular program under his watch.
Sen. Mark Warner (D-VA) said that he shared concerns with Senate Finance Committee Chairman Mike Crapo (R-ID) about the Community Development Financial Institution Fund (CDFI). Warner said that there is an eight-to-one ratio for every dollar allocated by the federal government.
He noted that despite the huge benefit to communities, Trump's 2026 budget would cut the program by over 50%.
"And at the same time, the Department of the Treasury seems to be slow-walking the deployment of the existing 2025 funds," said Warner, noting 75% of them had not been appropriated.
"So, first question is really an easy no-brainer: can you go ahead and commit, yes or no, that the administration will follow the law and go ahead and obligate the unspent 75% of the fiscal year 25 CDFI funds?" Warner asked.
"Senator, this is the first I heard of it," said Bessent. "I will commit to having an answer to you."
"I have great respect for you, as you know," Warner said. "It's against the law to withhold appropriated funds. You've been supportive of this. If we need to, I can get the chairman to nudge you a little bit, but it is concerning to me that 75% of the funds —"
Bessent cut in to say, "This is the first I've heard of this ... so we will have an answer to you by the beginning of next week."
See the clip below or at the link here.
- YouTube www.youtube.com
