DEPARTMENT OF THE TREASURY

Federal Funds

For necessary expenses of the Departmental Offices including operation and maintenance of the Treasury Building and [Annex] Freedman's Bank Building; hire of passenger motor vehicles; maintenance, repairs, and improvements of, and purchase of commercial insurance policies for, real properties leased or owned overseas, when necessary for the performance of official business; executive direction program activities; international affairs and economic policy activities; domestic finance and tax policy activities, including technical assistance to [Puerto Rico] state and local entities; terrorism and financial intelligence activities; and Treasury-wide management policies and programs activities, [$222,500,000] $334,376,000: Provided, That of the amount appropriated under this heading—

(1) Not less than $117,000,000 is for the Office of Terrorism and Financial Intelligence to safeguard the financial system against illicit use and to combat rogue nations, terrorist facilitators, weapons of mass destruction proliferators, money launderers, drug kingpins, and other national security threats;

(2) not to exceed $350,000 is for official reception and representation expenses;

([2]3) not to exceed $258,000 is for unforeseen emergencies of a confidential nature to be allocated and expended under the direction of the Secretary of the Treasury and to be accounted for solely on the Secretary's certificate; and

([3]4) not to exceed [$22,200,000] $22,000,000 shall remain available until September 30, [2017]2018, for—

(A) the Treasury-wide Financial Statement Audit and Internal Control Program;

(B) information technology modernization requirements;

(C) [the audit, oversight, and administration of the Gulf Coast Restoration Trust Fund; and] support for the Office of Terrorism and Financial Intelligence;

(D) the development and implementation of programs within the Office of Critical Infrastructure Protection and Compliance Policy, including entering into cooperative agreements; and

(E) international operations:

Provided further, That, in addition to the amount otherwise made available under this heading, $7,000,000 shall remain available until September 30, 2018, for necessary expenses for carrying out subtitle F of title I of division A of Public Law 112–141, to be derived from the trust fund established under section 1602 of such Public Law, without altering the percentages of funds made available for other purposes from the remaining balance of the trust fund. (Department of the Treasury Appropriations Act, 2016.)

Program and Financing (in millions of dollars)

Departmental Offices, as the headquarters bureau for the Department of the Treasury, provides leadership in economic and financial policy, terrorism and financial intelligence, financial crimes, and general management. The Secretary of the Treasury has the primary role of formulating and managing the domestic and international tax and financial policies of the Federal Government. Through effective management, policies, and leadership, the Treasury Department protects our national security through targeted financial actions, promotes the stability of the Nation's financial markets, and ensures the Government's ability to collect revenue and fund its operations. The Budget continues to propose to fund the Office of Terrorism and Financial Intelligence within this account.

Object Classification (in millions of dollars)

Employment Summary

[For the necessary expenses of the Office of Terrorism and Financial Intelligence to safeguard the financial system against illicit use and to combat rogue nations, terrorist facilitators, weapons of mass destruction proliferators, money launderers, drug kingpins, and other national security threats, $117,000,000: Provided, That of the amount appropriated under this heading: (1) not to exceed $27,100,000 is available for administrative expenses; and (2) $5,000,000, to remain available until September 30, 2017.] (Department of the Treasury Appropriations Act, 2016.)

Program and Financing (in millions of dollars)

In 2015 and 2016, the Office of Terrorism and Financial Intelligence (TFI) was funded under a separate appropriation. The Budget includes TFI activities in the Departmental Offices (DO) Salaries and Expenses appropriation in 2017 to promote efficient budget execution. TFI was funded as part of DO in every year prior to 2015.

Object Classification (in millions of dollars)

Employment Summary

For salaries and expenses for enhanced cybersecurity for systems operated by the Department of the Treasury, $109,827,000, to remain available until September 30, 2019: Provided, That amounts made available under this heading shall be in addition to other amounts available to Treasury offices and bureaus for cybersecurity: Provided further, That amounts made available under this heading may be obligated and expended through allocation accounts available to individual offices and bureaus.

Program and Financing (in millions of dollars)

The Department of the Treasury is of enormous importance to the national and world economy, with trillions of dollars flowing through its information systems—several of which the Administration's Cybersecurity Strategy and Implementation Plan identified as High Value Assets. As a result, Treasury is a constant target for sophisticated threat actors. To protect against these threats in a proactive and strategic way, the Budget proposes the creation of a centralized Cybersecurity Enhancement Account. A team, led by the Deputy Secretary, will centrally manage the account which includes initiatives with Department-wide and Bureau-specific impacts as well as expanding the public-private partnership with the financial services sector. For example, the account proposes Department-wide investments for critical improvements to the Treasury Secure Data Network and Bureau-specific investments for the Internal Revenue Service to bolster network security, protect and safeguard sensitive taxpayer information, and improve fraud detection and prevention. This centralization of funds will allow Treasury to leverage enterprise-wide services and capabilities across the Department.

Object Classification (in millions of dollars)

Employment Summary

For development and acquisition of automatic data processing equipment, software, and services and for repairs and renovations to buildings owned by the Department of the Treasury, $5,000,000, to remain available until September 30, [2018] 2019: Provided, That these funds shall be transferred to accounts and in amounts as necessary to satisfy the requirements of the Department's offices, bureaus, and other organizations: Provided further, That this transfer authority shall be in addition to any other transfer authority provided in this Act [: Provided further, That none of the funds appropriated under this heading shall be used to support or supplement "Internal Revenue Service, Operations Support" or "Internal Revenue Service, Business Systems Modernization"]. (Department of the Treasury Appropriations Act, 2016.)

Program and Financing (in millions of dollars)

This account is authorized to be used by Treasury's offices and bureaus to modernize business processes and increase efficiency through technology and infrastructure investments.

Object Classification (in millions of dollars)

The Budget proposes a $300 million one-time mandatory appropriation for a new Pay for Success (PFS) program in the Department of the Treasury. This program will support the growing number of state and local governments seeking to establish PFS projects that leverage private investment to provide preventive social services that measurably improve outcomes for families and communities while generating value to the Government, including savings. The program's focus on measurable outcomes will encourage innovation and accelerate the use of evidence-based approaches. The program will provide credit enhancements and results-based payments to eligible intermediaries, including state and local governments. This support will enable state and local governments to attract additional investment in services that result in Federal, state, and local government savings and will lower and share the risk associated with initial private investments. The PFS Incentive Fund will help to strengthen the ability of state and local governments, and it will support the evolution of this nascent field into a more robust and sustainable public and private market.

Program and Financing (in millions of dollars)

Object Classification (in millions of dollars)

Employment Summary

The Budget proposes to establish a new Federal credit program within the Department of the Treasury that would provide direct loans to U.S. infrastructure projects developed through a public-private partnership (P3). The program seeks to reduce the financing cost gap between P3s and traditional procurement, which will level the playing field for P3s and encourage the public sector, including state and local governments, to evaluate the merits of P3s for a given project.

While P3s are not a solution to the Nation's overall infrastructure funding needs, which continue to deserve greater Federal investment, they may generate certain public benefits. P3s are a financing and procurement tool that, in some circumstances, can accelerate the delivery of complex projects, leverage the resources and expertise of the private sector, mitigate construction and operational risks to the public sector, and reduce the likelihood of deferred maintenance on a project.

Eligible projects under the program will encompass the transportation, water, energy, and broadband sectors, as well as certain social infrastructure, such as educational facilities. The Budget estimates that the FAIR program will provide $15 billion in direct loans with no taxpayer subsidy from 2018 to 2026. Administrative costs for the program are estimated to be $2 million annually from 2017 to 2026.

Program and Financing (in millions of dollars)

Summary of Loan Levels, Subsidy Budget Authority and Outlays by Program (in millions of dollars)

Object Classification (in millions of dollars)

Employment Summary

For necessary expenses of the Office of Inspector General in carrying out the provisions of the Inspector General Act of 1978, [$35,416,000] $37,044,000, including hire of passenger motor vehicles; of which not to exceed $100,000 shall be available for unforeseen emergencies of a confidential nature, to be allocated and expended under the direction of the Inspector General of the Treasury; of which up to $2,800,000, to remain available until September 30, [2017] 2018, shall be for audits and investigations conducted pursuant to section 1608 of the Resources and Ecosystems Sustainability, Tourist Opportunities, and Revived Economies of the Gulf Coast States Act of 2012 (33 U.S.C. 1321 note) [; and of which not to exceed $1,000 shall be available for official reception and representation expenses]. (Department of the Treasury Appropriations Act, 2016.)

Program and Financing (in millions of dollars)

The Office of Inspector General (OIG) conducts audits, investigations, and reviews designed to: (1) promote integrity, efficiency, and effectiveness in programs and operations within the Department and across the OIG's jurisdiction; and (2) keep the Secretary and the Congress fully and currently informed of problems and deficiencies in the administration of Departmental programs and operations. The OIG conducts audits, investigations, and reviews of Treasury programs and operations except those under jurisdictional oversight of the Treasury Inspector General for Tax Administration and the Special Inspector General for the Troubled Asset Relief Program. Additionally, the Treasury Inspector General functions as the Chair of the Council of Inspectors General on Financial Oversight. Finally, the Resources and Ecosystems Sustainability, Tourist Opportunities, and Revived Economies of the Gulf Coast States Act (RESTORE Act) tasked the OIG with providing oversight of all projects, programs, and operations of the Gulf Coast Restoration Trust Fund.

The 2017 request for the OIG will be used to fund critical audit, investigative, and other mission support activities to meet the requirements of the Inspector General Act, and a number of other statutes including, but not limited to, the Dodd-Frank Wall Street Reform and Consumer Protection Act, Federal Information Security Management Act (FISMA), Government Management Reform Act, Improper Payments Elimination and Recovery Act, Digital Accountability and Transparency Act of 2014, Federal Deposit Insurance Act, Small Business Jobs Act of 2010, and the RESTORE Act. Specific mandates include audits of the Department's financial statements, the Department's compliance with FISMA, and failed insured depository institutions regulated by Treasury. With the resources available after mandated requirements are met, the OIG will conduct audits and reviews of the Department's highest risk programs and operations such as: (1) cybersecurity threats; (2) management of Treasury's authorities intended to support and improve the economy; (3) efforts to promote spending transparency and to prevent and detect improper payments; (4) anti-money laundering and terrorist financing/Bank Secrecy Act Enforcement; and (5) Gulf Coast Restoration Trust Fund Administration. The OIG will also respond to stakeholder requests for specific work as appropriate.

The Office of Audit expects to complete 100 percent of statutory audits by the required deadline and to complete 86 audit products in 2017. The Office will continue to provide oversight, on a reimbursable basis, of the Small Business Lending Fund and the State Small Business Credit Initiative. The programs were created by the Small Business Jobs Act of 2010 and assigned to the Department of the Treasury for management and execution.

In 2017, the OIG Office of Investigations will continue to investigate all reports of fraud, waste, and abuse and other criminal activity, such as financial programs where fraud and other crimes are involved in the issuance of licenses or benefits to citizens, and will conduct proactive efforts to detect, investigate, and deter electronic crimes and other threats to Treasury's physical and IT critical infrastructure. The Office of Investigations will continue current efforts to aggressively investigate, close, and refer cases for criminal prosecution, civil litigation, or corrective administrative action in a timely manner.

Object Classification (in millions of dollars)

Employment Summary

For necessary expenses of the Treasury Inspector General for Tax Administration in carrying out the Inspector General Act of 1978, as amended, including purchase and hire of passenger motor vehicles (31 U.S.C. 1343(b)); and services authorized by 5 U.S.C. 3109, at such rates as may be determined by the Inspector General for Tax Administration; [$167,275,000] $169,634,000, of which $5,000,000 shall remain available until September 30, [2017] 2018; of which not to exceed $6,000,000 shall be available for official travel expenses; of which not to exceed $500,000 shall be available for unforeseen emergencies of a confidential nature, to be allocated and expended under the direction of the Inspector General for Tax Administration [; and of which not to exceed $1,500 shall be available for official reception and representation expenses]. (Department of the Treasury Appropriations Act, 2016.)

Program and Financing (in millions of dollars)

The Treasury Inspector General for Tax Administration (TIGTA) conducts independent audits, investigations, and inspections and evaluations of Treasury Department matters relating to the Internal Revenue Service (IRS), the IRS Oversight Board, and the IRS Office of Chief Counsel. TIGTA's oversight helps ensure that the IRS accomplishes its mission; improves its programs and operations; promotes economy, efficiency, and effectiveness; and prevents and detects fraud, waste, and abuse. TIGTA also continues to play a key role in ensuring the provisions of the Affordable Care Act are implemented and administered in accordance with the law and the intent of Congress.

In 2017, TIGTA's Office of Investigations will concentrate on three core areas: (1) employee integrity; (2) employee and infrastructure security; and (3) external attempts to corrupt tax administration. As the principal law enforcement agency responsible for protecting the integrity of tax administration, Investigations seeks to protect the IRS's ability to process approximately 242 million tax returns and collect over $3.1 trillion in annual revenue for the Federal Government by investigating IRS employee misconduct and criminal activity, threats to IRS employees and facilities, and attempts to impede with the IRS's collection efforts.

In 2017, TIGTA's Office of Audit (OA) will focus on the major management and performance challenges and key issues confronting the IRS by balancing statutory audit coverage and high-risk audit work. The statutory coverage will include audits mandated by the IRS Restructuring and Reform Act of 1998 and other statutory authorities and standards involving computer security, taxpayer privacy and rights, and financial management. The remaining balance of TIGTA's audit work will focus on high-risk tax administration areas and the IRS's progress in achieving its strategic goals. Audits will address areas of concern to Congress, the Secretary of the Treasury, and the IRS Commissioner. OA's 2015 highlights include issuing 92 audit reports, and approximately $26.6 billion in potential financial benefits.

In 2017, TIGTA's Office of Inspections and Evaluations (I&E) will conduct strategic reviews targeting specific tax administration problems. I&E provides responsive, timely, and cost-effective inspections and evaluations of challenging areas in IRS programs. I&E's oversight activities include inspecting IRS's compliance with established system controls and operating procedures and evaluating IRS operations for high-risk systemic inefficiencies.

Object Classification (in millions of dollars)

Employment Summary

Program and Financing (in millions of dollars)

Most of the balances in this account were transferred to the Department of Homeland Security in accordance with the Homeland Security Act of 2002 (P.L. 107–296). The remaining resources were used to fund projects related to domestic and international terrorism. This schedule reflects remaining balances in the account.

Program and Financing (in millions of dollars)

The Terrorism Risk Insurance Program Reauthorization Act of 2015 (P.L. 114–1) reauthorized and revised the program established by the Terrorism Risk Insurance Act (TRIA) of 2002 (P.L. 107–297). The 2015 Act extended the Terrorism Risk Insurance Program for six years, through December 31, 2020, and made several program changes to reduce the potential costs associated with Federal payments of terrorism risk insurance losses under the Program. The Budget baseline includes the estimated Federal cost of providing payments in connection with terrorism risk insurance losses, reflecting the Program changes under the 2015 TRIA extension. While the Budget does not forecast any specific act of terrorism, on a probabilistic basis and using market data, the Budget baseline projects net spending of $0.233 billion for 2017, $1.404 billion over the 2017–2021 period, and $1.183 billion over the 2017–2026 period.

Object Classification (in millions of dollars)

Employment Summary

Of the unobligated balances available under this heading, [$700,000,000] $657,000,000 are [rescinded] hereby permanently cancelled not later than September 30, 2017. (Department of the Treasury Appropriations Act, 2016.)

Special and Trust Fund Receipts (in millions of dollars)

Program and Financing (in millions of dollars)

The mission of the Treasury Forfeiture Fund (Fund) is to influence the consistent and strategic use of asset forfeiture by participating agencies to disrupt and dismantle criminal enterprises. The Fund supports Federal, state, and local law enforcement's use of asset forfeiture to punish and deter criminal activity. Proceeds from non-tax forfeitures made by participating bureaus of the Department of the Treasury and the Department of Homeland Security are deposited into the Fund and are available to pay or reimburse certain costs and expenses related to seizures and forfeitures that occur pursuant to laws enforced by the bureaus and other expenses authorized by 31 U.S.C. 9705. Forfeiture proceeds can also be used to fund Federal law enforcement related activities based on requests from Federal agencies and evaluation by the Secretary of the Treasury. The Budget proposes to permanently cancel $657 million of unobligated balances.

Object Classification (in millions of dollars)

Special and Trust Fund Receipts (in millions of dollars)

Program and Financing (in millions of dollars)

The Office of Financial Research (OFR) and the Financial Stability Oversight Council (Council) were established under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the Act) (P.L. 111–203).

The OFR was established to serve the Council, its member agencies, and the public by improving the quality, transparency, and accessibility of financial data and information, by conducting and sponsoring research related to financial stability, and by promoting best practices in risk management. The OFR is an office within the Department of the Treasury.

The OFR's public research products include an Annual Report, the OFR Working Papers, Staff Discussion Papers, and Briefs, as well as products for the Council that the Council may make public. These products are made available to the public on the OFR website. The OFR coordinates among the Council member agencies by facilitating data requests, promoting a culture of data sharing, and enhancing the quality, consistency, and usability of financial data available to member agencies. The products and services developed by the OFR are designed to provide both direct monetary and risk-reduction value to constituents.

The Council is comprised of 10 voting members, including all Federal financial regulators, and five non-voting members. The Secretary of the Treasury serves as Chair of the Council. The Council's purpose is to identify risks to the financial stability of the United States, promote market discipline, and respond to emerging threats to the stability of the U.S. financial system.

As required under Section 210(n)(10) of the Act, the Council's expenses also include reimbursements of certain reasonable implementation expenses incurred by the Federal Deposit Insurance Corporation in the development of policies, procedures, rules, and regulations and other planning activities consistent with carrying out Orderly Liquidation Authority provided by Title II of the Act. These expenses are treated as expenses of the Council, and are estimated at $6.6 million in 2016 and $9.5 million in 2017.

The OFR and the Council were funded through transfers from the Board of Governors of the Federal Reserve System until July 20, 2012. Subsequently, the OFR and the Council have been funded through assessments on certain bank holding companies with total consolidated assets of $50 billion or greater and nonbank financial companies supervised by the Board of Governors. Expenses of the Council are considered expenses of, and are paid by, the OFR. OFR expenses are paid for out of the Financial Research Fund, which was established by the Act and which is managed by the Department of the Treasury. Projected fees and assessments are estimates and may change.

Object Classification (in millions of dollars)

Employment Summary

Special and Trust Fund Receipts (in millions of dollars)

Program and Financing (in millions of dollars)

Individual Federal income tax returns include an optional Federal income tax designation of $3 that an individual may elect to be paid to the Presidential Election Campaign Fund (PECF). In recent years, fewer than 7 percent of individuals have elected to make this designation, resulting in less than $40 million being paid into the PECF annually. The Department of the Treasury collects the income tax designations and makes distributions from the PECF to qualified presidential candidates and, starting in 2014, to the Pediatric Research Initiative Fund at the National Institutes of Health (NIH). Money for the public funding of presidential elections can only come from the PECF; if the PECF were to exhaust its fund balances, no other public funding could be used.

The Federal Election Commission administers the public funding program, determining which candidates are eligible, the amount to which they are entitled, and auditing their use of funds. Current uses of the PECF are given below.

Matching Funds for Presidential Primary Candidates.— Upon certification by the Federal Election Commission—based on a demonstration of broad national support, adherence to spending limits, and other qualifications—every eligible presidential primary candidate is entitled to receive $250 in Federal matching funds for the first eligible $250 of private contributions received from an individual. The private contributions must be received after the beginning of the calendar year immediately preceding the election year through the end of the calendar year of the election.

Candidates for General Elections.—By statute, eligible candidates of each major party in a presidential election are entitled to equal payments in an amount that may not exceed $20 million (adjusted for inflation since 1974) per party. In 2012, this amounted to $91.2 million for each candidate, but neither major party candidate accepted general election funding. Eligibility for this funding depends on meeting several criteria, such as agreeing to limit spending to amounts specified by campaign finance laws. In addition, candidates from new parties, minor parties, and non-major parties who receive in excess of 5 percent of the popular vote may be entitled to a pro rata portion of the major party amount in the general election.

Nominating Party Conventions.—On April 3, 2014, the President signed into law the Gabriella Miller Kids First Research Act, P.L. 113–94. This Act amended the Internal Revenue Code to terminate the entitlement of any political party to a payment from the PECF for a presidential nominating convention. The Act also mandated the transfer of amounts in the PECF for nominating party conventions to a newly created 10-Year Pediatric Research Initiative Fund at NIH and authorized appropriations for the new Fund.

Program and Financing (in millions of dollars)

Under the law creating the Exchange Stabilization Fund (ESF), section 10 of the Gold Reserve Act of 1934, as amended, codified at 31 U.S.C. 5302, the Secretary of the Treasury, with the approval of the President, is authorized to deal in gold, foreign exchange, and other instruments of credit and securities, as the Secretary considers necessary, consistent with U.S. obligations in the International Monetary Fund (IMF) regarding orderly exchange arrangements and a stable system of exchange rates. All earnings and interest accruing to the ESF are available for the purposes thereof. Transactions in Special Drawing Rights (SDRs) and U.S. holdings of SDRs are administered by the fund. By law, the fund is not available to pay administrative expenses.

Since 1934, the principal sources of the fund's income have been earnings on investments held by the fund, including interest earned on fund holdings of U.S. Government securities.

The amounts reflected in the 2016 and 2017 estimates entail only projected net interest earnings on ESF assets. The estimates are subject to considerable variance, depending on changes in the amount and composition of assets and the interest rates applied to investments. In addition, these estimates make no attempt to forecast gains or losses on SDR valuation or foreign currency valuation.

Balance Sheet (in millions of dollars)

For provision of necessary financial and administrative support services by the Administrative Resource Center to implement requirements of the Digital Accountability and Transparency Act (DATA Act; Public Law 113–101) for Federal agencies, $3,000,000, to remain available until expended: Provided, That such amount shall be in addition to any other amounts available for such purpose.

Program and Financing (in millions of dollars)

The Treasury Franchise Fund (the Fund) was established by P.L. 104–208, made permanent by P.L. 108–447 and codified as 31 U.S.C. 322, note. The Fund is revolving in nature and provides accounting, procurement, travel, human resources, and information technology services through its three business lines: the Administrative Resource Center (ARC), Fiscal IT, and the Shared Services Program (SSP). SSP was transferred in from the Treasury Working Capital Fund on October 1, 2013. Services are provided to Federal customers on a reimbursable, fee-for-service basis. The 2017 Budget includes funding to reduce DATA Act implementation costs that ARC would otherwise have fully passed onto Federal customers.

Object Classification (in millions of dollars)

Employment Summary

Program and Financing (in millions of dollars)

Section 1603 of the American Recovery and Reinvestment Act of 2009 requires the Secretary of the Treasury to make payments in lieu of tax credits to entities that place in service specified energy property. This account presents the estimated disbursements for this program.

This program provides payments for specified energy property, which includes qualified facilities that produce electricity from wind, biomass, and certain other renewable resources; solar property; qualified fuel cell property; geothermal property; qualified microturbine property; combined heat and power system property; and geothermal heat pump property. Payments are available for property placed in service in 2009, 2010, or 2011. In some cases, if construction began in 2009, 2010, or 2011, the payment can be claimed for property placed in service before 2013, 2014, or 2017, depending on the type of property.

In general, projects that meet the eligibility criteria for the investment tax credit (ITC) are eligible for the payments. These projects include qualified renewable energy facilities that meet the eligibility criteria for the production tax credit and have elected to instead claim the ITC. An entity receiving a Section 1603 payment for specified energy property may not also claim the ITC or the production tax credit with respect to the same property. In the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (P.L. 111–312), section 707(a) extended for one year, through 2011, the time within which certain eligible property must be placed in service or start construction.

To carry out the Riegle Community Development and Regulatory Improvements Act of 1994 (subtitle A of title I of Public Law 103–325), including services authorized by section 3109 of title 5, United States Code, but at rates for individuals not to exceed the per diem rate equivalent to the rate for EX-3, [$233,523,000] $245,923,000. Of the amount appropriated under this heading—

(1) not less than $153,423,000, notwithstanding section 108(e) of Public Law 103–325 (12 U.S.C. 4707(e)) with regard to Small and/or Emerging Community Development Financial Institutions Assistance awards, is available until September 30, [2017]2018, for financial assistance and technical assistance under subparagraphs (A) and (B) of section 108(a)(1), respectively, of Public Law 103–325 (12 U.S.C. 4707(a)(1)(A) and (B)), of which up to [$3,102,500] $2,882,500 may be used for the cost of direct loans: Provided, That the cost of direct and guaranteed loans, including the cost of modifying such loans, shall be as defined in section 502 of the Congressional Budget Act of 1974: Provided further, That these funds are available to subsidize gross obligations for the principal amount of direct loans not to exceed $25,000,000;

(2) not less than $15,500,000, notwithstanding section 108(e) of Public Law 103–325 (12 U.S.C. 4707(e)), is available until September 30, [2017]2018, for financial assistance, technical assistance, training and outreach programs designed to benefit Native American, Native Hawaiian, and Alaskan Native communities and provided primarily through qualified community development lender organizations with experience and expertise in community development banking and lending in Indian country, Native American organizations, tribes and tribal organizations, and other suitable providers;

(3) not less than $19,000,000 is available until September 30, [2017]2018, for the Bank Enterprise Award program;

(4) not less than $22,000,000, notwithstanding subsections (d) and (e) of section 108 of Public Law 103–325 (12 U.S.C. 4707(d) and (e)), is available until September 30, [2017]2018, for a Healthy Food Financing Initiative to provide financial assistance, technical assistance, training, and outreach to community development financial institutions for the purpose of offering affordable financing and technical assistance to expand the availability of healthy food options in distressed communities;

(5) up to [$23,600,000] $26,000,000 is available until September 30, [2016]2018, for administrative expenses, including administration of CDFI fund programs and the New Markets Tax Credit Program, of which [not less than $1,000,000 is for capacity building to expand CDFI investments in underserved rural areas, and] up to $300,000 is for administrative expenses to carry out the direct loan program; [and]

(6) not less than $10,000,000 is available until September 30, 2018, to provide grants for loan loss reserve funds and to provide technical assistance for small dollar loan programs under section 1206 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111–203); and

([6]7) during fiscal year [2016]2017, none of the funds available under this heading are available for the cost, as defined in section 502 of the Congressional Budget Act of 1974, of commitments to guarantee bonds and notes under section 114A of the Riegle Community Development and Regulatory Improvement Act of 1994 (12 U.S.C. 4713a): Provided, That commitments to guarantee bonds and notes under such section 114A shall not exceed [$750,000,000] $1,000,000,000: Provided further, That such section 114A shall remain in effect until September 30, [2016]2017. (Department of the Treasury Appropriations Act, 2016.)

Program and Financing (in millions of dollars)

Summary of Loan Levels, Subsidy Budget Authority and Outlays by Program (in millions of dollars)

The Community Development Financial Institutions (CDFI) Fund promotes economic and community development through investment in and assistance to CDFIs, which include community development banks, credit unions, loan funds, and venture capital funds, in order to expand the availability of financial services and affordable credit for underserved populations, including distressed urban, rural, Native American, Native Hawaiian, and Alaska Native communities.

The 2017 Budget provides funding for the CDFI Program, the Healthy Food Financing Initiative, the Native American CDFI Assistance Program, and the Bank Enterprise Award Program. The 2017 Budget also provides funding for the Small Dollar Loan Program, authorized by Section 1206 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111–203). This Program will support broader access to safe and affordable financial products and provide an alternative to predatory lending by encouraging CDFIs to establish and maintain small dollar loan programs.

The CDFI Fund's Bond Guarantee Program supports CDFI lending and investment activity by providing a source of long-term capital in low-income and underserved communities. The proceeds of guaranteed bonds spur job creation among small businesses and entrepreneurs, and provide needed financing for infrastructure development projects such as community facilities and affordable housing. The Budget proposes to extend the program's authorization, with an annual guarantee level not to exceed $1 billion. The Budget also proposes reforms to the Bond Guarantee Program to increase participation and ensure credit-worthy CDFIs have access to this important source of capital while continuing to maintain strong protections against credit risk. The CDFI Bond Guarantee Program will continue to operate at no budgetary cost for new issuances.

The 2017 Budget proposes an increase of $1 million in administrative funding for the development of the Community Development Impact Measuring Estimator (CDIME). This modeling tool will improve the data quality of reported social impact measures and will allow for more efficient funding through CDFI Fund programs.

Object Classification (in millions of dollars)

Employment Summary

Program and Financing (in millions of dollars)

Status of Direct Loans (in millions of dollars)

Balance Sheet (in millions of dollars)

The Budget proposes $100 million for the Department of the Treasury to encourage the development of effective financial products that would help low- to moderate-income workers build up "rainy day" reserves. The reserves would provide these workers and their families with a buffer against shocks to income and spending needs. The program will fund grants and contracts to eligible competitors, including nonprofits, community banks, Community Development Financial Institutions, entrepreneurial incubators, financial intermediaries, financial service providers (depository and non-depository), and other businesses that offer appropriate products. Recipients would use the funds to develop and study new financial products designed to overcome barriers to working families saving. To ensure that the products meet the program's goals, demonstrations would be tied to strong evaluation plans. Demonstrations may include large-scale explorations of financial innovations with some existing track record.

Program and Financing (in millions of dollars)

Object Classification (in millions of dollars)