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Republicans Urge Treasury to Keep 'Critical' Fund After Trump Order

The Trump administration's move to cut funding for Community Development Financial Institutions Fund (CDFI), which helps expand access to capital is facing strong bipartisan backlash, with Republicans joining over a dozen Democrats in warning that the decision could deeply harm underserved communities.

Newsweek has reached out to the Treasury's press team for comment via email on Thursday.

Why It Matters

Republican lawmakers have backed the majority of Trump's executive orders during his second term, often at odds with Democrats.

The letter is a key symbol of bipartisan support for CDFIs and a notable pushback against the president.

What To Know

On March 14, Trump signed an order reducing "the elements of the Federal bureaucracy that the President has determined are unnecessary," which included CDFIs.

The financial entity provides services to underserved communities, including low-income individuals who may not have easy access to banking services. CDFIs increase access to capital for some marginalized groups and support affordable housing projects, among other initiatives.

Less than a week after his order, a bipartisan group of senators, 13 Democrats and 10 Republicans, issued a letter to Treasury Secretary Scott Bessent reiterating their support for "CDFI Fund, its operations and the critical role it plays in the communities it serves."

In the March 19 letter, the senators urged the administration