Remarks by Secretary of the Treasury Janet L. Yellen on the 30th Anniversary of the Community Development Financial Institution Fund

As Prepared for Delivery Good afternoon. It’s an honor to welcome President Clinton to Treasury today to mark the recent 30th anniversary of the establishment of the Community Development Financial Institutions Fund. President Clinton and I have a long-standing shared belief that increasing access to economic opportunity for people and places that historically have been underserved is crucially important, both as a matter of fairness and because it bolsters our country’s economic strength. CDFIs play a key role in achieving this objective. They’re better positioned than traditional banks to reach underserved communities and offer essential financial services, from home mortgages to small business loans. And over decades, we’ve seen them become an increasingly important part of the U.S. financial system. In 1997, there were fewer than 200 CDFIs nationwide. Now, there are more than 1,400, holding approximately $450 billion in assets.