Political Quotes

“Madam Speaker, I yield myself such time as I may consume. I rise in support in H.R. 5315, the Expanding Opportunity for Minority Depository Institutions Act. Madam Speaker, I thank the gentlewoman from Ohio (Mrs. Beatty) for offering this bill and for working to keep important institutions having access to the capital they need to support the communities that rely on them. H.R. 5315 would codify the U.S. Treasury Department's Financial Agent Mentor-Protege Program into law. Minority-owned depository institutions play a vital role in our communities across America. The significant decline in the number of banks and credit unions since the financial crisis is concerning. MDIs have a substantial impact on consumers and communities, in particular, those small businesses and families that reside in low- and moderate-income census tracts that depend on services, often from MDIs in order to prosper. MDIs are essential to promoting and expanding greater access to financial services in low- and moderate-income communities. As the number of minority depository institutions continues to decline, Congress should act to preserve these vital institutions. In a hearing earlier this year, the Financial Services Committee heard directly from a number of MDIs that post-crisis regulations have taken a serious financial toll on their ability to compete and provide low-cost services, thus, making it harder for them to survive.…”