Political Quotes

“I will begin by thanking the Chairwoman of the Financial Services Committee for her support of this legislation and for her career-long support for financial access and inclusion; and, also, my colleague from Arkansas' support to make this a bipartisan initiative. Madam Speaker, our economy has not always worked for all communities equally. This is evident in the glaring wealth disparities for American families emphasized in the 2019 survey of Consumer Finances Federal Reserve Report. One way to address these issues is to ensure access to diverse and affordable financial services that can help individuals save money and help small businesses raise capital. That is why I urge my colleagues to vote for my bill, the Promoting New and Diverse Depository Institutions Act. Over the last several decades, there has been consolidation among banks and credit unions. This has effectively limited the products available to consumers and artificially driven up costs while closing banking branches for people who already did not have many choices. My bipartisan bill is the first step to increasing the supply of banking services by directing banking regulators to work together to address the challenges that new depository institutions, including MDIs and CDFIs, face when applying for a charter. Starting and maintaining a new bank or credit union is hard work. It is the banking regulators' responsibility to measure and mitigate the challenges that new banks face.…”