Treasury Moves to Protect CDFI Fund That Trump Calls Unnecessary

The Treasury department has moved to protect a financial program for low-income and under-served communities after President Donald Trump ordered its functions be eliminated to the maximum extent legally allowed.

The Community Development Financial Institutions Fund is responsible for 11 programs or functions, all of which are legally required, the Treasury said in a report to the Office of Management and Budget that was seen by Bloomberg News.

“The CDFI Fund is performing its statutory functions as required by law,” the report states, noting that the Treasury will, on an ongoing basis, “identify opportunities for improvement and enhance efficiencies.”

Spokespeople ...