Bill Overview
Title: Community Finance Language Inclusion Act of 2022
Description: This bill allows the Community Development Financial Institutions Fund to provide outreach and resources for non-English speaking individuals or individuals with limited English proficiency. The fund provides monetary awards and technical assistance to qualifying financial institutions to increase access to capital in underserved communities.
Sponsors: Rep. Garcia, Sylvia R. [D-TX-29]
Target Audience
Population: Non-English speaking individuals or individuals with limited English proficiency
Estimated Size: 9000000
- The bill aims to improve access to financial resources for non-English speaking individuals or individuals with limited English proficiency.
- Non-English speakers or those with limited proficiency in English are located worldwide, but the bill specifically targets such individuals in underserved communities, which can be assumed to focus on domestic U.S. communities due to the nature of U.S. legislation.
- The bill assists individuals living in underserved communities, which often have significant populations of immigrants or people who primarily speak a language other than English.
- Community Development Financial Institutions (CDFIs) typically operate within the U.S., so the primary target population will be individuals in underserved U.S. communities.
Reasoning
- The policy targets non-English speaking individuals and those with limited English proficiency in underserved communities by enhancing their access to financial services.
- CDFIs play a crucial role in economic development in underserved communities, and this policy enhances their capacity to serve a linguistically diverse population.
- Budget constraints indicate the policy can provide moderate, positive impact to many individuals over time, but with focused resources in the initial years.
- The American Community Survey's estimate of 25.6 million Spanish-speaking Americans who report speaking English less than very well indicates a large pool of potential beneficiaries.
- Considering the budget and scope, we'll focus on varying levels of impact based on individual circumstances and location.
- Impacts will vary significantly based on whether the existing financial institutions can effectively utilize the outreach mechanisms to bridge language barriers.
- Population distribution considerations will focus mostly on urban centers with significant immigrant populations, where access to CDFI's enhanced services will be more readily attainable.
- Given the limitations in the first year in terms of budget, initial impacts might be small but expected to grow substantially over the decade.
Simulated Interviews
Housekeeper (Los Angeles, CA)
Age: 45 | Gender: female
Wellbeing Before Policy: 4
Duration of Impact: 10.0 years
Commonness: 14/20
Statement of Opinion:
- I find it difficult to manage my finances because of language barriers.
- This policy might help me get better information about financial products.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 4 |
| Year 2 | 6 | 4 |
| Year 3 | 7 | 4 |
| Year 5 | 7 | 4 |
| Year 10 | 8 | 5 |
| Year 20 | 8 | 5 |
Small Business Owner (Chicago, IL)
Age: 32 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 10/20
Statement of Opinion:
- Access to better banking services would greatly help my business.
- I hope the policy ensures that banks have staff who can speak my language.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 8 | 6 |
| Year 10 | 8 | 6 |
| Year 20 | 8 | 7 |
Construction Worker (Houston, TX)
Age: 50 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 5.0 years
Commonness: 8/20
Statement of Opinion:
- Financial institutions rarely have Vietnamese assistance.
- A policy focusing on language can improve my ability to save and invest.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 7 | 5 |
| Year 10 | 7 | 5 |
| Year 20 | 7 | 5 |
Unemployed (Miami, FL)
Age: 40 | Gender: female
Wellbeing Before Policy: 3
Duration of Impact: 10.0 years
Commonness: 12/20
Statement of Opinion:
- I've struggled to access loans due to language barriers.
- I hope the policy provides clear, understandable resources.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 4 | 3 |
| Year 2 | 5 | 3 |
| Year 3 | 6 | 3 |
| Year 5 | 7 | 3 |
| Year 10 | 8 | 4 |
| Year 20 | 8 | 4 |
Retired (New York, NY)
Age: 60 | Gender: female
Wellbeing Before Policy: 4
Duration of Impact: 3.0 years
Commonness: 6/20
Statement of Opinion:
- I've been limited in handling my retirement funds due to lack of Russian resources.
- The initiative sounds promising if it reaches my area.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 4 | 4 |
| Year 2 | 5 | 4 |
| Year 3 | 5 | 4 |
| Year 5 | 5 | 4 |
| Year 10 | 5 | 4 |
| Year 20 | 5 | 4 |
Customer Service Representative (Phoenix, AZ)
Age: 28 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 4.0 years
Commonness: 11/20
Statement of Opinion:
- Navigating the financial services is difficult due to the language gap.
- I hope this policy helps institutions provide tailored support for people like me.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 7 | 5 |
| Year 10 | 7 | 5 |
| Year 20 | 7 | 6 |
Stay-at-home parent (San Francisco, CA)
Age: 37 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 5.0 years
Commonness: 9/20
Statement of Opinion:
- I want to save for my kids' college but struggle to understand investment options.
- This policy might help provide clearer information in Korean.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 7 | 6 |
| Year 10 | 8 | 6 |
| Year 20 | 8 | 6 |
Retired (San Antonio, TX)
Age: 75 | Gender: male
Wellbeing Before Policy: 2
Duration of Impact: 20.0 years
Commonness: 15/20
Statement of Opinion:
- Most financial services are in English which makes it hard to manage my pension.
- Having resources in Spanish would make a big difference.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 3 | 2 |
| Year 2 | 4 | 2 |
| Year 3 | 5 | 3 |
| Year 5 | 6 | 3 |
| Year 10 | 7 | 3 |
| Year 20 | 8 | 3 |
Cashier (Seattle, WA)
Age: 29 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 3.0 years
Commonness: 7/20
Statement of Opinion:
- The lack of materials in Tagalog limits my financial decisions.
- Policy like this can help me feel more secure in managing my finances.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 7 | 6 |
| Year 10 | 7 | 6 |
| Year 20 | 7 | 6 |
Taxi Driver (Las Vegas, NV)
Age: 48 | Gender: male
Wellbeing Before Policy: 3
Duration of Impact: 5.0 years
Commonness: 10/20
Statement of Opinion:
- I find it hard to obtain loans due to language challenges.
- If financial institutions are more inclusive, it would greatly reduce stress.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 4 | 3 |
| Year 2 | 5 | 3 |
| Year 3 | 6 | 3 |
| Year 5 | 6 | 4 |
| Year 10 | 6 | 4 |
| Year 20 | 6 | 4 |
Cost Estimates
Year 1: $100000000 (Low: $80000000, High: $120000000)
Year 2: $105000000 (Low: $85000000, High: $125000000)
Year 3: $110000000 (Low: $90000000, High: $130000000)
Year 5: $120000000 (Low: $100000000, High: $140000000)
Year 10: $0 (Low: $0, High: $0)
Year 100: $0 (Low: $0, High: $0)
Key Considerations
- Appropriate measures should be included to prevent misuse of funds and ensure targeted impact.
- Collaboration with local communities will be critical to effectively identify and reach the target population.
- There should be an ongoing evaluation mechanism to measure the program's effectiveness and make necessary adjustments.