OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Main Street Capital Access Act

Floor Speech

Date: July 21, 2026
Location: Washington, DC

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Mr. KNOTT. Mr. Speaker, I rise today in strong support of H.R. 6955, the Main Street Capital Access Act.

For the vast majority of our Nation's history, community banks were the primary artery into progress for all Americans. That reality is being threatened today by sloppy and ineffective policies that originate right here in Washington, D.C.

Whether it is the Dodd-Frank regulatory structure or the millions of rules and regulations that are in existence today, community banks have been choked out by these all-encompassing regulations.

With administrative costs rising every year, local banks simply cannot afford to operate. We can see this most clearly in 1980 where there were more than 14,000 community banks in the United States. Now because of the regulatory structure of the current market, there are roughly 4,000 community banks. This stifles lending, reduces competition, and makes it harder for Americans, especially in rural communities, to access capital. Put plainly, the current regulatory climate punishes community banks, and it benefits larger international banks.

My home State of North Carolina has long had a proud history of vibrant community banks. Today, there are very few exceptions to this, but there are really only two choices for community banks in today's market if they want to survive. That is to grow large enough to be acquired or to merge with another institution. Whether it was Wachovia, First Citizens, BB&T, or Bank of America, each of these began in North Carolina as a local community bank before growing and becoming a key player in our economy through a merge or an acquisition.

It is time to restore a market that welcomes and protects community banks, a market that encourages competition, and most importantly, one that serves the American citizen. H.R. 6955 does just that.

Mr. Speaker, I thank Chairman Hill for his important work on this legislation, and I strongly urge my colleagues to support this bill today.

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