Biden Budget Would Boost Funding for SBA Loans, Fighting Financial Crime

Source: American Banker (Subscription may be required.)

The Biden administration has proposed more funding for government agencies tasked with combating illicit finance, Small Business Administration programs that back private-sector lending, affordable housing financed by community development financial institutions, as well as efforts to combat climate change and the risk it poses to the financial system.

The White House’s overall $5.8 trillion budget proposal for fiscal year 2023, published Monday, reflects many of the core priorities from the administration’s previous year’s budget proposal. The task of approving the funds ultimately falls to Congress.

In a statement, Treasury Secretary Janet Yellen said the U.S.’s “rapid” economic recovery from the COVID-19 pandemic over the previous year “allows us to look beyond the pandemic-induced crisis and provide a road map to address future challenges: creating a tax system that is fair to working families, expanding access to capital in disadvantaged communities, and safeguarding the financial system.”