On the recordFebruary 14, 2018
Let me take back my comment. Mr. Speaker, I understand the Second Circuit decision. The Second Circuit decision basically said that, if you are a bank and if you are a fintech company and you are in a rural part of the country--and I totally agree with the gentleman; we need more capital to rural America; we need more tech there. I admire Steve Case's work, the ``Rise of the Rest.'' But what the Second Circuit said is you can't partner with a national bank and preempt State law. So if North Carolina has a law saying you can't charge 400 percent interest, if there is a bank in New York or a bank in California that wants to charge 400 percent interest just because they have some magical fintech, they can't charge people 400 percent interest in North Carolina or Arkansas. I am all for giving more capital at affordable rates and using technology to help rural America. We have done a terrible job of that. I concede that point. But this is not the way to do that. {time} 1430 The SPEAKER pro tempore. The time of the gentleman has expired.
