James Hill: “I rise in support of H.R. 3234, the Keeping Deposits Local Act, and I thank my longtime friend and our majority whip…”

“I rise in support of H.R. 3234, the Keeping Deposits Local Act, and I thank my longtime friend and our majority whip, Tom Emmer of Minnesota, and Congresswoman Joyce Beatty for their tremendous bipartisan leadership on this particular matter. Community banks are one of the most important economic drivers behind Main Street. They deserve a regulatory framework that encourages them to compete, grow, and better serve their customers. Reciprocal deposits are a proven tool that helps banks attract, retain, and diversify their funding sources while simultaneously giving depositors greater FDIC insurance coverage. As a former community bank CEO, I personally used this service to help provide better service for important customers. Right now, overly burdensome broker deposit regulations are standing in the way. Community banks, many of which operate with a limited branch network, are being penalized for using a funding tool that poses no meaningful risk to financial stability. Majority Whip Emmer and Congresswoman Beatty's bill addresses this issue.”