James Hill: “I rise in support of the ranking member's bill, H.R. 4544, the American Access to Banking Act. I thank Ms. Waters for…”

“I rise in support of the ranking member's bill, H.R. 4544, the American Access to Banking Act. I thank Ms. Waters for her diligent work on this important bipartisan legislation. Over the past decade, Mr. Speaker, the United States has lost nearly 2,000 community banks, while only 62 de novo banks have opened during that same period. These essential institutions have disappeared from Main Streets across America due to mergers, acquisitions, and bank failures. In one out of every three counties in our country, a community bank is the only on-the-ground banking option--one out of every three counties. That is why it is important to consider this bill. Mr. Speaker, I was the CEO of a community bank in the Mississippi Delta where there were very few banking offices available for small businesses and agricultural communities spread out across the rural heartland. I have to say it is very troubling when a local farmer tries to finance his equipment or where a small business owner wants to expand their restaurant or get their first loan to start a business if there is not a community bank. That is where families go to build relationships with lenders who know their names, understand their communities, and recognize their circumstances. Why aren't new banks forming? It is because we have made it extraordinarily difficult to start one. The application process is often complex, duplicative, and overly burdensome.”