Pravina Raghavan was announced as director of the Community Development Financial Institutions (CDFI) Fund, beginning immediately. The CDFI Fund oversees the New Markets Tax Credit (NMTC) incentive, as well as the Capital Magnet Fund (CMF) and other community development funding activities. Raghavan follows Marcia Sigal, who was acting director since May 2023, when she took over for Jodie Harris.  

Raghavan served as the director of the Manufacturing Extension Partnership program at the National Institute of Standards and Technology from December 2021. She previously served as the executive vice president of Empire State Development, New York’s economic development agency; as senior advisor to the deputy secretary of Commerce under President Barack Obama; and in executive positions in the U.S. Small Business Administration.