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Feb 2, 2015

U.S. Department of the Treasury Press Release - February 2, 2015: President's 2016 Budget Requests $233.5 Million for Treasury's CDFI Fund

U.S. Department of the Treasury Logo

  
  
Funds Would Extend the CDFI Fund’s Economic Development Efforts in Underserved Communities
  

WASHINGTON – Today, President Obama released the Administration’s Fiscal Year (FY) 2016 Budget proposal, which includes $233.5 million for the U.S. Treasury Department’s Community Development Financial Institutions Fund (CDFI Fund). This funding would extend the CDFI Fund’s efforts to spur economic development and job growth in underserved communities.

“The President’s 2016 Budget calls for everyone to share in the prosperity of a growing America, and it makes the critical investments needed to accelerate and sustain economic growth in areas that need it the most,” said CDFI Fund Director Annie Donovan.  “This request provides essential support to the important and innovative work of Community Development Financial Institutions, and these organizations have a proven track record of leveraging private sector investments to attract businesses, jobs, and services to low-income urban and rural communities across the country.”

Highlights of the FY 2016 Budget request for the CDFI Fund include:

·         $157.5 million for the Community Development Financial Institutions Program, a $5 million increase from FY 2015;
·         $35 million for the Healthy Food Financing Initiative, which is a $13 million and 60 percent increase from FY2015; and
·         $16 million for the Native American CDFI Assistance Program, a $1 million increase from FY 2015.

The Budget proposes permanently extending the New Markets Tax Credit Program at $5 billion per year and extending the CDFI Bond Guarantee Program through FY 2017.  The remainder of the request is for funding for administration of the CDFI Fund’s overall programs, including the restoration of the Capital Magnet Fund, which provides affordable housing grants funded from non-appropriated sources.  

For more information about the CDFI Fund and its programs, please visit www.cdfifund.gov or view the CDFI Fund’s fact sheet.

Related Documents:

·         Complete FY 2016 Budget

DealBook P.M. Edition - February 2, 2015.

For the latest updates, go to dealbook.nytimes.com »
MONDAY, FEBRUARY 2, 2015
TOP STORY
Slump in Oil Prices Brings Pressure, and Investment Opportunity Scores of debt-laden oil companies face struggles that could lead to layoffs and losses for banks and investors. At the same time, new fortunes stand to be made.
DEALBOOK HIGHLIGHTS
The One About Insider Trading: As long as they're just friends, trading tips is not enough to prove a violation.
White Collar Watch: Court Sets Up a Hurdle, Not a Barrier, for Insider Trading Cases An appeals court ruling that narrows the grounds for insider trading cases may not be the cataclysm that the government contends it will be, Peter J. Henning writes in the White Collar Watch column.
Silicon Valley Boom Unnerves Some Venture Capitalists "If not a bubble, it's at least warm in Silicon Valley," a partner at a venture capital firm tells a Harvard Business School panel.
Reuters Breakingviews: $7.3 Billion Cement Deals Shows Tolerance to M.&A. The Irish building company CRH will increase leverage to buy surplus assets from Lafarge worth a third of its market cap. Yet investors cheered. It's how things work in a low-return, low-growth world, says Chris Hughes of Reuters Breakingviews.
Aer Lingus had rejected two takeover offers late last year from the parent company of British Airways, but has said it would be willing to accept the latest sweetened proposal if certain conditions were met.
British Airways Parent Tries to Woo Irish Government in Its Aer Lingus Bid The parent company of British Airways said it would commit to continue operating Aer Lingus's routes in Ireland for five years.
Stephen A. Schwarzman of the Blackstone Group spoke to Harvard Business School students on Sunday.
Blackstone's Chief Has a Warning for Wall Street's Entrepreneurs "I have begged, literally begged" young financiers not to start their own firms "because they're going to destroy their careers," says Stephen A. Schwarzman.
Sysco Offers to Sell 11 Facilities to Win Merger Approval Seeking the blessing of the F.T.C. for its $3.5 billion acquisition of US Foods, Sysco will sell 11 facilities to Performance Food Group for an undisclosed sum.
LOOKING AHEAD
LVMH Results on Tuesday LVMH Moët Hennessy Louis Vuitton, the world's largest luxury goods group, will report its financial results for 2014 on Tuesday. As demand for high-end leather handbags, watches and jewels has slowed with the cooling economies of China and Russia, analysts will be interested to hear what executives are expecting for 2015. Led by its new head of women's wear, Nicolas Ghesquière, the group has spent the last year revamping the image of Louis Vuitton, its most valuable and recognizable brand, which accounts for about a third of its sales and almost half of its profits. The company may also indicate its plans for the 2.8 billion euros in proceeds that it booked in December from the distribution of its 23 percent stake in Hermès, a rival French luxury house, to the group's shareholders.
Banco Sanatander Earnings on Tuesday Banco Santander will report its fourth-quarter results on Tuesday as Ana Patricia Botín continues to put her stamp on the Spanish lender, which her father ran for three decades until his death in September. In November, Ms. Botín replaced the bank's chief executive and reshaped its board of directors.

Last month, the bank raised its capital by 7.5 billion euros, or $8.5 billion, and cut its dividend sharply to ease investor concerns about the strength of its balance sheet. Santander, one of Europe's largest banks, has benefited in recent quarters from an improving Spanish economy and a decline in provisions for delinquent and defaulted loans.
India Bank Review on Tuesday The Reserve Bank of India releases the result of its next monetary policy review on Tuesday. Governor Raghuram Rajan had been expected to begin cutting rates next Tuesday but made a quarter-point reduction on Jan. 15, between formal policy reviews, and hinted then at further rate cuts. Economists are uncertain if he will act again on Tuesday or wait until after the government unveils its next budget on Feb. 28.
Auto Sales Numbers on Tuesday After a blockbuster year for auto sales, the industry will announce its first monthly numbers of 2015 on Tuesday. Analysts predict that it could be a strong start, with many companies expected to post double-digit increases over January 2014. Automakers recently gathered for the annual Super Bowl of cars, the North American International Auto Show in Detroit, where lavish displays and muscular vehicles had many in the industry feeling the wind at their backs, especially with gas prices lower than in recent memory.
Automaker Results on Tuesday and Wednesday Two domestic automakers, General Motors and the American division of Fiat Chrysler, will report fourth-quarter earnings that should benefit from strong sales of new vehicles in the United States. Fiat Chrysler, which announces results for its United States unit on Tuesday, is the hottest carmaker in the market and earning big profits from its Ram pickups and Jeep sport utility vehicles.

G.M., which reports earnings on Wednesday, will cap a tumultuous 2014, in which it spent heavily to recall about 30 million cars and trucks in the United States and compensate victims of a defective ignition switch that set off the biggest safety crisis in the automaker's history.
Sony Pictures Earnings on Wednesday With many of Sony Pictures' computer applications still down after November's crippling hacking attack, the company will be trying to return to normal with a Wednesday earnings call. It probably will not have final results for the quarter that ended in December 2014 because of continuing efforts to repair its networks. Still, many will be waiting to learn what impact the cyberattack had on Sony.

Perhaps just as important, it may be revealed what the next step is for Sony's beleaguered mobile unit, which recent reports said could shave an additional 1,000 jobs soon.
Twitter Earnings on Thursday Twitter, the popular short-form message service, will report fourth-quarter earnings on Thursday. Investors will pay close attention to the company's user growth numbers, which have paled in comparison to rival networks like Facebook and Instagram, and have not lived up to analysts' expectations over 2014.

And after a year of dismissing important executives who have failed to attract newcomers to the service, Dick Costolo, the company's chief executive, is likely to stave off questions from analysts as to whether he is the right person to lead the company.
Open Internet Rules on Thursday A step toward open Internet, or net neutrality, rules will be made this week. Tom Wheeler, chairman of the Federal Communications Commission, must present his proposal to the other commissioners by Thursday. Mr. Wheeler has already suggested that he favors regulating Internet service like a public utility. But the details of how will be crucial. His proposal will be grist for further debate and lobbying. The commission is scheduled to vote on Feb. 26.
Jobs Figures Are Due on Friday The big kahuna of monthly economic data will come out Friday, when the Labor Department reports the latest figures for hiring and unemployment in January. Payrolls surged in the final quarter of 2014, with employers adding an average of 289,000 workers a month, significantly more than the 246,000 monthly rate for the entire year.

The consensus expectation on Wall Street is that payrolls jumped by 235,000 last month, but some optimists are looking for a considerably larger number if the momentum carried over into 2015. The unemployment rate is expected to fall by 0.1 percentage point to 5.5 percent, but just as significant for economists and traders will be the change in average hourly earnings.

Most workers have had very slight wage growth since the recovery began in 2009, despite the falling unemployment rate, and the Federal Reserve is keeping a close tab on whether wages are finally rising. In December, wages actually fell slightly, but economists are looking for a slight increase in average hourly earnings this time around.
For the latest updates, go to dealbook.nytimes.com »

WSJ | Major Indexes Closing on February 2, 2015.

Major Indexes Closing
Major Indexes5:55 p.m. EST 02/02/15
 LASTCHG% CHG
DJIA*17361.04196.091.14
DJ Transportation Average*8774.11124.791.44
DJ Utility Average*639.562.360.37
Nasdaq*4676.6941.450.89
Nasdaq 100*4188.5940.160.97
S&P 500*2020.8525.861.30
S&P 400 Mid-Cap*1447.1912.090.84
S&P 600 Small-Cap*677.977.591.13
DJ Total Stock Market*21059.98251.541.21
NYSE Composite*10669.03131.811.25
NYSE Financial*6388.3384.211.34
Russell 2000*1175.5110.120.87
NYSE MKT Composite*2468.3336.291.49
KBW Bank*68.181.442.16
PHLX Gold/Silver*80.370.971.22
PHLX Housing Sector*215.710.830.39
PHLX Oil Service*195.017.814.17
PHLX Semiconductor*655.192.050.31
See All Major U.S. Indexes
Markets Diary5:50 p.m. EST 02/02/15
ISSUESNYSENASDAQNYSE MKT
Advancing2,3151,762208
Declining8651,000168
Unchanged799524
Total3,2592,857400
ISSUES AT   
New 52 Week High1832929
New 52 Week Low71866
SHARE VOLUME   
Total3,964,337,4711,984,184,219102,171,724
Advancing3,182,751,8681,389,815,61771,493,434
Declining725,976,944577,419,20528,738,396
Unchanged55,608,65916,949,3971,939,894
Major World Indexes4:40 p.m. EST 02/02/15
 LASTCHG% CHG
Global Dow*2463.9523.210.95
DJ Global Index*318.762.590.82
DJ Global exUS*225.910.930.41
Stoxx Europe 50*3205.157.580.24
UK: FTSE 100*6782.5533.150.49
Germany: DAX*10828.01133.691.25
Japan: Nikkei 225*17558.04-116.35-0.66
Hong Kong: Hang Seng*24484.74-22.31-0.09
See All Major World Indexes