Highlights from the President's FY 2018 Budget Request: Dept. of the Treasury

Unless otherwise noted, all FY 2018 figures are from the department’s budget justification, and all FY 2017 figures are from committee reports for the Consolidated Appropriations Act of 2017.

The FY 2018 budget proposal would terminate much of Treasury’s support for capital access. The Administration would not provide additional funding for the State Small Business Credit Initiative (SSBCI), allowing the program office to close at the end of FY 2017. The Community Development Finance Institutions (CDFI) Fund would experience dramatic changes under the budget. The CDFI Fund has oversight of CDFIs, which provide capital access to businesses and individuals in under-served markets, New Markets Tax Credits (NMTC), and a few other programs targeted to disadvantaged populations. The White House’s proposal would cut all program funding from the CDFI Fund, reducing its budget to $14 million for administrative expenses, a decrease of $234.0 million (94.4 percent). Funding for NMTCs and the Bond Guarantee Program would continue (funds do not come from the discretionary budget process), and staff would continue to monitor CDFI certification and performance.