Main Street Capital Access Act
Floor Speech
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Mr. LOUDERMILK. Mr. Speaker, I thank the chairman of the Committee for his hard work on this and for including several of my provisions in this bill that is designed for the small guy.
I obviously rise in support of H.R. 6955 not only because it is a good bill, but also because I recognize the need to rightsize Federal regulations and gain more transparency into the financial regulatory process.
For too long, Federal financial regulators have taken this one-size- fits-all approach. If we applied that same status to ourselves, then let's just issue every Member of Congress one suit of clothes so that we all wear the same suit of clothes. Now, we wouldn't accept that because we would only have clothes to fit the largest Member of Congress.
What we are saying is that is what we have in the financial services industry right now. We need to tailor the regulations to fit the business model of the business, especially the small business. That is why I am proud that my TAILOR Act has been included in this package.
I can't stress enough the importance of the TAILOR Act because it is for the little guy. It is important because it requires all future regulations to be tailored to the risk of the regulated institution. It rewards institutions that adopt sound risk management practices with fewer regulations and punishes those who take an unhealthy amount of risk.
I also wish to highlight my New BANK Act, which requires Federal financial regulators to publish annual reports on applications received for creating new financial institutions. These reports will help give critical insights to the current de novo chartering process and how Congress can reduce complexities and redundancies in the system.
To conclude, Mr. Speaker, I believe this legislative package with my bills included is much more aligned with the goal of a safe and sound financial system that works for all the American people, and I urge my colleagues to support this bill.
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