Yellen Asks Congress for Project Funding

In testimony before the House Subcommittee on Financial Services and General Government Committee on Appropriations, Treasury Secretary Janet Yellen pointed to sections of the administration's formal budget where funding is needed.

• FinCEN has been tasked with building a database that collects and secures beneficial ownership information, but Congress has not yet provided any funding to do it.
• Congress has dramatically expanded funding for Community Development Financial Institutions with supplemental appropriations. However, it is challenging for the CDFI Fund to distribute greater resources and scale these programs without additional administrative funding.
• The IRS needs additional resources to augment its auditing staff to ensure taxpayer compliance.