Dear Speaker Johnson, Leader Jeffries and Members of the House:
The Bank Policy Institute (BPI) writes in strong support of H.R. 6955, the Main Street Capital Access Act, which incorporates a series of critical reforms to rationalize the banking system’s regulatory framework and promote responsible and expanded access to credit across the U.S. economy.
We thank Chairman French Hill, Chairman Andy Barr and members of the House Financial Services Committee for their work in crafting this important piece of legislation that includes many provisions that BPI and its member institutions support. For instance, this legislation would build on the important bipartisan work of the 2018 Economic Growth, Regulatory Relief, and Consumer Protection Act (S.2155) by better tailoring capital, liquidity and risk-management requirements to an institution’s size and complexity, as well as updating regulatory tailoring asset thresholds to reflect economic growth. It would also promote greater transparency and accountability throughout the bank supervisory regime, including by improving the MRA/MRIA process and the CAMELS rating system and ending the use of reputational risk by bank examiners. In addition, the bill would update bank merger review standards to better align with the law while providing greater fairness and timelier decision-making for applicants.
Taken together, these reforms will help ensure that the banking agencies can direct regulatory efforts where they are needed most and unleash banks to better serve their communities and Main Street businesses nationwide.
BPI urges all Members to support the Main Street Capital Access Act when it comes before the House for a vote, and we appreciate the leadership of Chairman Hill and his colleagues in bringing forward this important legislation that supports a vibrant, competitive and innovative banking sector—one that can continue providing affordable credit for consumers and the long-term investment needed for economic growth.
Sincerely,
Bank Policy Institute
