House passes Main Street Capital Access Act
Today, the House passed the Law on Access to the Capital Main Street by 270 to 155 votes. The draft law seeks to encourage banking in the community through adjusted regulation and by encouraging the establishment of new banks.
Among its provisions, the account would determine a three-year phase-in period for new financial institutions to meet federal capital requirements, a 90-day deadline for agencies to make decisions on bank merger and acquisition requests, and a new requirement for agencies to consider an institution’s risk profile and business model when issuing new regulations and supervisory decisions.
The bill now goes to the Senate.
In a statement, American Bankers Association President and CEO Rob Nichols said the legislation will allow America’s banks to do even more to spur economic growth across the country.
“We commend (House Financial Services Committee) Chairman French Hill, Subcommittee Chairman Andy Barr and Subcommittee Member Bill Foster for their hard work on this bipartisan bill, which includes requirements to tailor regulations to bank size and complexity, focus oversight on material risks and encourage new bank formation,” Nichols said. “We are asking the Senate to act on this bill so banks can better support their customers, clients and communities.”
