Political Quotes

“Madam Speaker, I yield myself such time as I may consume. Madam Speaker, I support H.R. 4590, the Promoting New and Diverse Depository Institutions Act, sponsored by Representative Jake Auchincloss, the vice chair of the Financial Services Committee. Since the 1980s, we have seen steady consolidation in the number of U.S. depository institutions from having roughly 33,000 banks and credit unions in 1980 to less than 10,000 today. Over the last decade, we have also seen a reduction of 3,300 branches by the four largest banks leaving behind banking deserts where residents lack access to a nearby branch for basic banking services. I have also been troubled by the recent decline of roughly one-third of all minority depository institutions, also known as MDIs, and more than half of Black-owned banks since the 2008 financial crisis. In December 2020, I was pleased to work with Ranking Member McHenry and Senators Brown, Crapo, and Warner to reach a bipartisan deal to provide $12 billion in capital investments and grants to shore up and strengthen existing MDIs as well as community development financial institutions, better known as CDFIs. But I am still concerned that very few depository institutions, especially MDIs, have been newly chartered in recent years while banking deserts continue to grow.…”