Political Quotes

“Thank you, Mr. Capuano, for yielding me time. Thank you, Mr. Neugebauer and Mr. Stivers. Mr. Speaker, I rise today in strong support of the Capital Access for Small Community Financial Institutions Act of 2015, H.R. 299. I join Congressman Steve Stivers in support of H.R. 299. My colleagues on both sides of the aisle supported this bill in a bipartisan fashion, a bill on which I am very proud to be the lead Democrat. We have worked together to have H.R. 299 reported out of the House Financial Services Committee with a vote of 56-1. In fact, last year, the same bill passed unanimously on this House floor by 395-0. Mr. Speaker, as you have heard, H.R. 299 would permit privately insured credit unions to apply for membership in the Federal Home Loan Bank system. A primary benefit of the Federal Home Loan Bank membership is having access to low-cost secured funding, which is a tremendous benefit to consumers. H.R. 299 would not, however, mandate the privately insured credit unions to become members of a Federal Home Loan Bank. Therefore, under this legislation, a Federal Home Loan Bank would maintain the discretion to accept or to reject a privately insured credit union's application for membership based on its risk tolerance and underwriting guidelines. Why do we need this bill? H.R. 299 is an extremely important piece of legislation for these privately insured credit unions because it would help give members and businesses greater access to credit in a tight credit market.…”