Trump orders to reduce CDFI Fund

President Trump issued an executive order instructing the Community Development Financial Institutions (CDFI) Fund and other government programs to scale back their personnel and operations to the minimum required to fulfill their statutory responsibilities.

The order mandates that the heads of the CDFI Fund and six other government agencies submit reports to the Office of Management and Budget (OMB) within seven days, detailing which components or functions are legally required and to what extent. Additionally, it grants OMB Director Russ Vought and other administration officials the authority to deny funding requests that do not align with the order. Among the entities affected is the Minority Business Development Agency.