House Passes 2 Huizenga Measures in Bipartisan Bill to Help Main Street, Improve Affordability

Tonight, Congressman Bill Huizenga (R-MI), Vice Chairman of the House Financial Services Committee, released the following statement after the U.S. House of Representatives passed H.R. 6955, the Main Street Capital Access Act. This legislation is designed to strengthen community banks, expand access to credit, and end debanking. Importantly, this bipartisan bill includes two measures authored by Huizenga that strengthen oversight and promote greater competition within the banking system.

"Washington should not be making life more expensive for Americans with needless red tape," said Congressman Bill Huizenga. "Less competition means fewer financing options, higher borrowing costs, and less investment on Main Street. By cutting through the red tape this bipartisan bill reduces costs and helps community lenders make life more affordable for American families. Lastly, I am glad this legislation includes my provisions to increase accountability and reduce concentration across our financial system."

Access to affordable credit is critical for families buying a home, farmers investing in their operations, entrepreneurs starting a business, and employers creating jobs. The Main Street Capital Access Act removes unnecessary regulatory burdens on community banks, encourages the formation of new community banks, and allows local lenders to devote more resources to making loans.

Earlier today, Congressman Huizenga spoke on the floor in support of the Main Street Capital Access Act. The video of his remarks is available below.

The Main Street Capital Access Act incorporates two bills authored by Huizenga. The FDIC Board Accountability Act that strengthens governance and accountability at the Federal Deposit Insurance Corporation, as well as the Enhancing Bank Resolution Participation Act, which broadens participation in failed-bank resolutions to promote competition, protect depositors, and reduce concentration within the banking system. Together, these measures reflect Huizenga's continued work to ensure federal policy supports community financial institutions and the small businesses and families they serve.

The Main Street Capital Access Act passed the House by a vote of 270-155 and now advances to the Senate for consideration.