Floor SpeechUrgent2026-07-21

MAIN STREET CAPITAL ACCESS ACT

EconomyTaxesEnvironmentHousingLabor

Context

On 2026-07-21, Representative Maxine Waters (D-CA-43) delivered a floor speech titled "MAIN STREET CAPITAL ACCESS ACT" in the House.

Full Text

MAIN STREET CAPITAL ACCESS ACT

Congressional Record, Volume 172 Issue 119 (Tuesday, July 21, 2026) [Congressional Record Volume 172, Number 119 (Tuesday, July 21, 2026)] [House] [Pages H4707-H4731] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] MAIN STREET CAPITAL ACCESS ACT Mr. HILL of Arkansas. Mr. Speaker, pursuant to House Resolution 1438, I call up the bill (H.R. 6955) and ask for its immediate consideration by the House. The Clerk read the title of the bill. The SPEAKER pro tempore (Mr. Bost). Pursuant to House Resolution 1438, in lieu of the amendment in the nature of a substitute recommended by the Committee on Financial Services, printed in the bill, an amendment in [[Page H4708]] the nature of a substitute consisting of the text of Rules Committee Print 119-35 is adopted and the bill, as amended, is considered read. The text of the bill, as amended, is as follows: H.R. 6955 Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE; TABLE OF CONTENTS. (a) Short Title.--This Act may be cited as the ``Main Street Capital Access Act'' or the ``Main Street Act''. (b) Table of Contents.--The table of contents for this Act is as follows: Sec. 1. Short title; table of contents. TITLE I--NEW BANK FORMATION AND LOCAL COMMUNITY ACCESS Sec. 101. Promoting New Bank Formation. Sec. 102. New Bank Application Numbers Knowledge. Sec. 103. CDFI Fund Transparency. Sec. 104. CDFI Bond Guarantee Improvement. TITLE II--TAILORING BANK REGULATION Sec. 201. Taking Account of Institutions with Low Operation Risk. Sec. 202. Small Bank Holding Company Relief. Sec. 203. Tailoring and Indexing Enhanced Regulations. Sec. 204. Community Bank Regulatory Tailoring. TITLE III--FAIR AND TRANSPARENT BANK SUPERVISION Sec. 301. Halting Uncertain Methods and Practices in Supervision. Sec. 302. Fair Audits and Inspections for Regulators' Exams. Sec. 303. Supervisory Modifications for Appropriate Risk-based Testing. Sec. 304. Financial Integrity and Regulation Management. TITLE IV--REGULATORY ACCOUNTABILITY AND TRANSPARENCY Sec. 401. FDIC Board Accountability. Sec. 402. Stop Agency Fiat Enforcement of Guidance. Sec. 403. Regulatory Efficiency, Verification, Itemization, and Enhanced Workflow. TITLE V--STRENGTHENING LOCAL BANK FUNDING Sec. 501. Bringing the Discount Window into the 21st Century. Sec. 502. Keeping Deposits Local. TITLE VI--PROMOTING BANK COMPETITION AND MERGER CLARITY Sec. 601. Bank Competition Modernization. Sec. 602. Merger Agreement Approvals Clarity and Predictability. Sec. 603. Merger Process Review. Sec. 604. Bank Failure Prevention. TITLE VII--STRENGTHENING TRANSPARENCY AND INVOLVEMENT IN BANK RESOLUTIONS Sec. 701. Least Cost Exception. Sec. 702. Enhancing Bank Resolution Participation. Sec. 703. Failing Bank Acquisition Fairness. TITLE VIII--FACILITATING INNOVATION AND BANK PARTNERSHIPS Sec. 801. Merchant Banking Modernization. Sec. 802. Bank-Fintech Partnership Enhancement. Sec. 803. Discretionary surplus fund. TITLE I--NEW BANK FORMATION AND LOCAL COMMUNITY ACCESS SEC. 101. PROMOTING NEW BANK FORMATION. Section 908 of the 21st Century ROAD to Housing Act is amended-- (1) in subsection (b)(2), by striking ``180-day'' and inserting ``90-day''; (2) in subsection (c)-- (A) in the heading, by inserting ``and Extension'' after ``Study''; (B) by redesignating paragraph (2) as paragraph (3); and (C) by inserting after paragraph (1) the following: ``(2) Safety and soundness determination; extension of pilot program.-- ``(A) Determination.--Not earlier than January 1, 2031, and not later than June 30, 2031, the Federal banking agencies may, jointly, determine that subsections (a) and (b) have had a significant adverse effect on the safety and soundness of qualifying community banks. ``(B) Extension.--Unless the Federal banking agencies make the determination described in subparagraph (A), the authorities under subsections (a) and (b) shall be permanent. ``(C) Termination.--If the Federal banking agencies make the determination described in subparagraph (A)-- ``(i) subsections (a) and (b) shall only apply to a qualifying community bank that became an insured depository institution before the date of such determination; and ``(ii) the Federal banking agencies shall issue a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate, and make such report available to the public, containing such determination and the reasons for such determination.''; and (3) in subsection (e)(6)(B), by striking ``between January 1, 2026, and December 31, 2028'' and inserting ``on or after January 1, 2026''. SEC. 102. NEW BANK APPLICATION NUMBERS KNOWLEDGE. (a) Annual Report on National Bank and Federal Savings Association Charter Applications.--The Comptroller of the Currency shall publish an annual report that includes the following, or with respect to any equivalent procedure used by the Office of the Comptroller of the Currency includes the following: (1) The number of applications for a national bank or Federal savings association charter received, approved on a preliminary basis, approved on a final basis, denied, withdrawn, inactive, expired, mooted, returned, returned pending resubmission, or otherwise dispositioned. (2) The mean and median times for preliminary approval of such applications. (3) The mean and median times for final approval of such applications. (4) To the extent practicable, common reasons leading to the denial, withdrawal, or expiration of preliminary approval of such applications. (b) Annual Report on Federal Credit Union Charter Applications.--The National Credit Union Administration shall publish an annual report that includes the following, or with respect to any equivalent procedure used by the agency includes the following: (1) The number of Federal credit union charter applications received, approved on a final basis, denied, withdrawn, inactive, or returned pending resubmission. (2) The mean and median times for final approval of such applications. (3) To the extent practicable, common reasons leading to application denial, withdrawal, inactivity, or to applications being returned for resubmission. (c) Annual Report on Depository Institution Holding Company Applications.-- (1) In general.--The Board of Governors of the Federal Reserve System shall publish an annual report that includes the following, or with respect to any equivalent procedure used by the Board of Governors includes the following: (A) The number of applications to become a top-tier depository institution holding company received, approved on a preliminary basis, approved on a final basis, denied, withdrawn, inactive, expired, mooted, returned, returned pending resubmission, or otherwise dispositioned. (B) The mean and median times to approve such applications. (C) To the extent practicable, common reasons leading to denial or withdrawal of such applications. (2) Top-tier depository institution holding company defined.--In this subsection, the term ``top-tier depository institution holding company'' means a depository institution holding company (as defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813)) that is not controlled by any other depository institution holding company. (d) Annual Report on Federal Deposit Insurance Applications.--The Federal Deposit Insurance Corporation shall publish an annual report that includes the following, or with respect to any equivalent procedure used by the Corporation includes the following: (1) The number of applications for deposit insurance received, approved on a preliminary basis, approved on a final basis, denied, withdrawn, inactive, expired, mooted, returned, returned pending resubmission, or otherwise dispositioned. (2) The mean and median times to approve such applications. (3) To the extent practicable, common reasons leading to denial or withdrawal of such applications. (e) Annual Report on State Depository Institution and State Credit Union Charter Applications.-- (1) In general.--The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the National Credit Union Administration Board shall, jointly, and in consultation with State banking regulators and State credit union regulators, publish an annual report that includes the following, or with respect to any equivalent procedure used by such agencies includes the following: (A) The number of applications for a State depository institution charter received, approved on a preliminary basis, approved on a final basis, denied, withdrawn, inactive, expired, mooted, returned, returned pending resubmission, or otherwise dispositioned. (B) The mean and median times to approve such applications, with times for each State shown separately. (C) To the extent practicable, common reasons leading to denial or withdrawal of such applications. (2) Definitions.--In this subsection: (A) State.--The term ``State'' means any State of the United States, the District of Columbia, and any territory of the United States. (B) State depository institution.--The term ``State depository institution'' means-- (i) a State depository institution, as defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813); and (ii) a State credit union, as defined in section 101 of the Federal Credit Union Act (12 U.S.C. 1752). SEC. 103. CDFI FUND TRANSPARENCY. Section 104(b) of the Riegle Community Development and Regulatory Improvement Act of 1994 (12 U.S.C. 4703(b)) is amended by adding to the end the following: ``(5) Annual testimony.--The Secretary of the Treasury (or a designee of the Secretary) shall, at the discretion of the Chair of the Committee on Financial Services of the House of Representatives and the Chair of the Committee on Banking, Housing, and Urban Affairs of the Senate, annually testify before such committees (or

Referenced legislation: HRES1438, HRES1438, HR2702, HR6955

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MAIN STREET CAPITAL ACCESS ACT Congressional Record, Volume 172 Issue 119 (Tuesday, July 21, 2026) [Congressional Record Volume 172, Number 119 (Tuesday, July 21, 2026)] [House] [Pages H4707-H4731] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] MAIN STREET CAPITAL ACCESS ACT Mr. HILL of Arkansas. Mr. Speaker, pursuant to House Resolution 1438, I call up the bill (H.R. 6955) and ask for its immediate consideration by the House. The Clerk read the title of the bill. The SPEAKER pro tempore (Mr. Bost). Pursuant to House Resolution 1438, in lieu of the amendment in the nature of a substitute recommended by the Committee on Financial Services, printed in the bill, an amendment in [[Page H4708]] the nature of a substitute consisting of the text of Rules Committee Print 119-35 is adopted and the bill, as amended, is considered read. The text of the bill, as amended, is as follows: H.R. 6955 Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE; TABLE OF CONTENTS. (a) Short Title.--This Act may be cited as the ``Main Street Capital Access Act'' or the ``Main Street Act''. (b) Table of Contents.--The table of contents for this Act is as follows: Sec. 1. Short title; table of contents. TITLE I--NEW BANK FORMATION AND LOCAL COMMUNITY ACCESS Sec. 101. Promoting New Bank Formation. Sec. 102. New Bank Application Numbers Knowledge. Sec. 103. CDFI Fund Transparency. Sec. 104. CDFI Bond Guarantee Improvement. TITLE II--TAILORING BANK REGULATION Sec. 201. Taking Account of Institutions with Low Operation Risk. Sec. 202. Small Bank Holding Company Relief. Sec. 203. Tailoring and Indexing Enhanced Regulations. Sec. 204. Community Bank Regulatory Tailoring. TITLE III--FAIR AND TRANSPARENT BANK SUPERVISION Sec. 301. Halting Uncertain Methods and Practices in Supervision. Sec. 302. Fair Audits and Inspections for Regulators' Exams. Sec. 303. Supervisory Modifications for Appropriate Risk-based Testing. Sec. 304. Financial Integrity and Regulation Management. TITLE IV--REGULATORY ACCOUNTABILITY AND TRANSPARENCY Sec. 401. FDIC Board Accountability. Sec. 402. Stop Agency Fiat Enforcement of Guidance. Sec. 403. Regulatory Efficiency, Verification, Itemization, and Enhanced Workflow. TITLE V--STRENGTHENING LOCAL BANK FUNDING Sec. 501. Bringing the Discount Window into the 21st Century. Sec. 502. Keeping Deposits Local. TITLE VI--PROMOTING BANK COMPETITION AND MERGER CLARITY Sec. 601. Bank Competition Modernization. Sec. 602. Merger Agreement Approvals Clarity and Predictability. Sec. 603. Merger Process Review. Sec. 604. Bank Failure Prevention. TITLE VII--STRENGTHENING TRANSPARENCY AND INVOLVEMENT IN BANK RESOLUTIONS Sec. 701. Least Cost Exception. Sec. 702. Enhancing Bank Resolution Participation. Sec. 703. Failing Bank Acquisition Fairness. TITLE VIII--FACILITATING INNOVATION AND BANK PARTNERSHIPS Sec. 801. Merchant Banking Modernization. Sec. 802. Bank-Fintech Partnership Enhancement. Sec. 803. Discretionary surplus fund. TITLE I--NEW BANK FORMATION AND LOCAL COMMUNITY ACCESS SEC. 101. PROMOTING NEW BANK FORMATION. Section 908 of the 21st Century ROAD to Housing Act is amended-- (1) in subsection (b)(2), by striking ``180-day'' and inserting ``90-day''; (2) in subsection (c)-- (A) in the heading, by inserting ``and Extension'' after ``Study''; (B) by redesignating paragraph (2) as paragraph (3); and (C) by inserting after paragraph (1) the following: ``(2) Safety and soundness determination; extension of pilot program.-- ``(A) Determination.--Not earlier than January 1, 2031, and not later than June 30, 2031, the Federal banking agencies may, jointly, determine that subsections (a) and (b) have had a significant adverse effect on the safety and soundness of qualifying community banks. ``(B) Extension.--Unless the Federal banking agencies make the determination described in subparagraph (A), the authorities under subsections (a) and (b) shall be permanent. ``(C) Termination.--If the Federal banking agencies make the determination described in subparagraph (A)-- ``(i) subsections (a) and (b) shall only apply to a qualifying community bank that became an insured depository institution before the date of such determination; and ``(ii) the Federal banking agencies shall issue a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate, and make such report available to the public, containing such determination and the reasons for such determination.''; and (3) in subsection (e)(6)(B), by striking ``between January 1, 2026, and December 31, 2028'' and inserting ``on or after January 1, 2026''. SEC. 102. NEW BANK APPLICATION NUMBERS KNOWLEDGE. (a) Annual Report on National Bank and Federal Savings Association Charter Applications.--The Comptroller of the Currency shall publish an annual report that includes the following, or with respect to any equivalent procedure used by the Office of the Comptroller of the Currency includes the following: (1) The number of applications for a national bank or Federal savings association charter received, approved on a preliminary basis, approved on a final basis, denied, withdrawn, inactive, expired, mooted, returned, returned pending resubmission, or otherwise dispositioned. (2) The mean and median times for preliminary approval of such applications. (3) The mean and median times for final approval of such applications. (4) To the extent practicable, common reasons leading to the denial, withdrawal, or expiration of preliminary approval of such applications. (b) Annual Report on Federal Credit Union Charter Applications.--The National Credit Union Administration shall publish an annual report that includes the following, or with respect to any equivalent procedure used by the agency includes the following: (1) The number of Federal credit union charter applications received, approved on a final basis, denied, withdrawn, inactive, or returned pending resubmission. (2) The mean and median times for final approval of such applications. (3) To the extent practicable, common reasons leading to application denial, withdrawal, inactivity, or to applications being returned for resubmission. (c) Annual Report on Depository Institution Holding Company Applications.-- (1) In general.--The Board of Governors of the Federal Reserve System shall publish an annual report that includes the following, or with respect to any equivalent procedure used by the Board of Governors includes the following: (A) The number of applications to become a top-tier depository institution holding company received, approved on a preliminary basis, approved on a final basis, denied, withdrawn, inactive, expired, mooted, returned, returned pending resubmission, or otherwise dispositioned. (B) The mean and median times to approve such applications. (C) To the extent practicable, common reasons leading to denial or withdrawal of such applications. (2) Top-tier depository institution holding company defined.--In this subsection, the term ``top-tier depository institution holding company'' means a depository institution holding company (as defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813)) that is not controlled by any other depository institution holding company. (d) Annual Report on Federal Deposit Insurance Applications.--The Federal Deposit Insurance Corporation shall publish an annual report that includes the following, or with respect to any equivalent procedure used by the Corporation includes the following: (1) The number of applications for deposit insurance received, approved on a preliminary basis, approved on a final basis, denied, withdrawn, inactive, expired, mooted, returned, returned pending resubmission, or otherwise dispositioned. (2) The mean and median times to approve such applications. (3) To the extent practicable, common reasons leading to denial or withdrawal of such applications. (e) Annual Report on State Depository Institution and State Credit Union Charter Applications.-- (1) In general.--The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the National Credit Union Administration Board shall, jointly, and in consultation with State banking regulators and State credit union regulators, publish an annual report that includes the following, or with respect to any equivalent procedure used by such agencies includes the following: (A) The number of applications for a State depository institution charter received, approved on a preliminary basis, approved on a final basis, denied, withdrawn, inactive, expired, mooted, returned, returned pending resubmission, or otherwise dispositioned. (B) The mean and median times to approve such applications, with times for each State shown separately. (C) To the extent practicable, common reasons leading to denial or withdrawal of such applications. (2) Definitions.--In this subsection: (A) State.--The term ``State'' means any State of the United States, the District of Columbia, and any territory of the United States. (B) State depository institution.--The term ``State depository institution'' means-- (i) a State depository institution, as defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813); and (ii) a State credit union, as defined in section 101 of the Federal Credit Union Act (12 U.S.C. 1752). SEC. 103. CDFI FUND TRANSPARENCY. Section 104(b) of the Riegle Community Development and Regulatory Improvement Act of 1994 (12 U.S.C. 4703(b)) is amended by adding to the end the following: ``(5) Annual testimony.--The Secretary of the Treasury (or a designee of the Secretary) shall, at the discretion of the Chair of the Committee on Financial Services of the House of Representatives and the Chair of the Committee on Banking, Housing, and Urban Affairs of the Senate, annually testify before such committees (or Referenced legislation: HRES1438, HRES1438, HR2702, HR6955