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Investing.com -- The Treasury Secretary Scott Bessent is striving to safeguard the Community Development Financial Institutions Fund, amid President Donald Trump’s rigorous government cost-cutting agenda. This fund is a significant financial resource for millions of low-income Americans, as reporteed by Bloomberg, citing sources who are not authorized to disclose this information to the press.
Bessent’s efforts are in response to Trump’s directive to reduce the initiative to the maximum extent permitted by law. The fund currently provides more than $300 billion in mortgages and loans for small businesses and commercial real estate projects in low-income communities. These areas are primarily located in Republican-governed states such as Mississippi and Louisiana.
The capital injection into these underserved communities is facilitated by lenders known as community development financial institutions. Their role is crucial in supporting economic growth and stability within these regions.
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