Banking On Clinton Connections?
During Bill Clinton's 1992 Presidential campaign, he and his wife, Hillary, promised to create dozens of community banks to lend to small businesses in economically deprived areas. Now, 31 entities are about to divvy up $37 million in federal funds for Community Development Financial Institutions. The CDFI fund, now also a pet project of Treasury Secretary Robert E. Rubin, is the only Treasury program slated for a funding increase next year. Rubin wants CDFI to have a $1 billion annual budget by the year 2000.
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