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Tony Brown Resigns From CDFI Fund

WASHINGTON, Tony Brown, the Director of the Treasury Department's Community Development Financial Institution's Fund, has resigned to take a position with a community development organization in the uptown section of Cincinnati, Ohio. Brown's date of departure will be March 1. Brown led the Fund, which has provided more than $30...

By Staff Writer | Updated on February 24, 2004

WASHINGTON, Tony Brown, the Director of the Treasury Department’s Community Development Financial Institution’s Fund, has resigned to take a position with a community development organization in the uptown section of Cincinnati, Ohio. Brown’s date of departure will be March 1. Brown led the Fund, which has provided more than $30 million to community development credit unions since 1995, through a contentious period of its relatively short history which saw the Fund cut a program most popular with the smallest community development institutions, including credit unions. “During Tony Brown’s service, the CDFI Fund has made a significant contribution to creating jobs and stimulating economic growth in our nation’s low income communities,” said Treasury Secretary John Snow. “By attaining the maximum impact from the new $15 billion New Markets Tax Credit Program, Tony has implemented President Bush’s call for sustainable economic development, and attracted increased private sector investment to low income communities.” Clifford Rosenthal, Executive Director of the National Federation of Community Development Credit Unions and Chairman of the CDFI Coalition called Brown a “straight shooter” but said that the Coalition and the Federation frequently objected to some of the policies Brown was charged with implementing.

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