|Legislative Update – Happening Now!|
CDFA Releases its 2017 Policy Agenda
CDFA is proud to release its 2017 Policy Agenda. Our agenda outlines numerous recommendations to some of the nation's most difficult development finance issues, and we hope that Congress and the Administration will use our recommendations as a roadmap to improvements in these areas. To read The Bond Buyer's overview, click here
CDFA Signs MBFA Letter and Urges Members to Follow Suit
Municipal Bonds for America will be sending a letter to Congressional leadership that urges them to retain the current laws on municipal bonds. CDFA supports this initiative, and asks all members and industry groups to sign the letter as soon as possible.
CDFA Releases Administration Transition Paper
CDFA has released it's much anticipated Administration Transition Paper titled Unlocking Development Finance Capital in the United States to Create Jobs & Increase Private Investment. The paper includes twenty-three key recommendations for the next Administration to address and remove barriers to capital access to support and maximize America’s investment in infrastructure, energy, small business, urban communities, rural development and agriculture. The paper has been circulated to over 30,000 development finance professionals and throughout Congress and the incoming transition team.
|CDFA Legislative Agenda|
CDFA's legislative efforts will be focused within the following legislative and policy areas.
Policy Area 1:
Support American Manufacturing
Strengthening the American manufacturing sector is one policy proposal that has always received strong bipartisan support, and for good reason. Nine percent of America’s workforce is employed in manufacturing, equaling roughly 12 million Americans. Of equal importance is the tremendous multiplier effect manufacturing has on the rest of the economy; for every $1 spend on manufacturing, another $1.81 is added to the economy. Yet for an industry that has such an outsized role as a growth engine for the American economy, the tools available to support manufacturers are limited and, in many cases, outdated. To strengthen the American manufacturing sector CDFA recommends...
Policy Area 2:
Preserve and Strengthen Tax-Exempt Bonds
Tax-exempt bonds are a federally authorized development finance tool that helps stimulate public and private investment in a wide variety of economic sectors. Three-quarters of the total United States investment in infrastructure is accomplished with tax-exempt bonds, which are issued by over 50,000 state and local governments and authorities, representing a $3 trillion dollar industry. Tax-exempt bonds have served as the primary financing mechanism for public infrastructure and have been exempt from federal tax – just as federal debt is exempt from state and local tax – for more than a century. Attempts to curb or repeal the municipal exemption would dramatically increase the cost of infrastructure projects to the detriment of the public who will have to bear those increases, and undermine the efforts of America’s state and local governments to move their communities forward. CDFA recommends that Congress and the Administration...
Policy Area 3:
Catalyze Small Business & Entrepreneurial Expansion
Although large companies and multi-national corporations seem to dominate our national consciousness with news stories on major investments and the many high-profile commercial advertisements they generate, small business remains the backbone of the U.S. economy. According to the 2014 Annual Survey of Entrepreneurs, nearly 61 percent of all firms with paid employees have a staff of just 4 people or less. In fact since 1970, 55 percent of all existing American jobs have been supported by small business, and 61 percent of all net new jobs have been created in the small business sector. It is no exaggeration to say that small businesses in the U.S. carry a disproportionately large burden to employ the 149.5 million people in the labor force compared to large enterprises. To support the essential small businesses and entrepreneurs in America, CDFA recommends...
Policy Area 4:
Reduce Barriers to Clean Energy through Credit Enhancement
For much of the past 15 years, the growth in the clean energy industry has relied on the provision of grants, incentives, rebates, policy initiatives, and technical support from state clean energy programs. The federal government has also invested heavily in the clean energy sector, with loans, grants, and other subsidies for energy development made available through 10 different federal agencies. While public funds have been essential in creating a market for clean energy production, the continued growth of this sector will be limited as long as it relies primarily on public subsidies. A more integrated approach is required; one that continues the important public role of providing incentives and technical support for the adoption of clean energy technologies, while at the same time providing public financial support in the form of credit enhancement to leverage private capital. CDFA recommends...
Policy Area 5:
Reform & Bolster Infrastructure Financing Tools
In their 2013 Report Card, the American Society for Civil Engineers (ASCE) gave the United States a D+ for the poor overall condition of its infrastructure. The ASCE analysis of American infrastructure evaluated drinking and wastewater infrastructure, aviation networks, highways, bridges, ports, levees, and railways. CDFA recommends that the Administration and Congress focus on improving the delivery method of existing federal infrastructure finance programs, expedite the rollout of authorized programs that will encourage public-private partnerships, and push for the approval of several small legal and tax code reforms that would unlock significant capital for infrastructure projects and redevelopment. CDFA recommends...
Policy Area 6:
Stabilize & Improve the Federal Financing Delivery System
Access to federal capital is critical and extremely beneficial to state and local government and private sector investment in economic development projects. Access to capital is paramount to leveraging private capital as shown by dozens of creative federal programs aimed at encouraging private sector investment. Nonetheless, both the public and private sector have struggled with the use and engagement of federal resources due to the lack of predictability and reliability of the programs offered by the federal government. This uncertainty had hurt the implementation and long-term effectiveness of this assistance. Specifically, CDFA recommends...
|CDFA Press Releases|