WASHINGTON Bank of America executive Tony T. Brown was named director of the Community Development Financial Institutions Fund on Monday.
Mr. Brown, a senior vice president who managed the banking companys community development programs in Florida for 11 years, was selected by Treasury Secretary Paul ONeill to oversee the six-year-old federal fund that banks and credit unions can tap for projects to revive economically depressed areas.
Bank of America issued a statement Tuesday saying it supports the CDFI program and we are pleased to have Tony nominated for this role because he understands the benefits these funds can bring to communities.Mr. Brown may have a budget fight on his hands. In his 2002 budget, President Bush proposed cutting funding for the fund by 42%, to $68 million. In their appropriations bills, the House earmarked $80 million and the Senate $100 million. A conference committee is expected to convene in September to negotiate a final figure.