Main Street Capital Access Act Passes House with Rep. Kennedy’s support

WASHINGTON, D.C. - The House passed the Main Street Capital Access ("Main Street") Act by a vote of 270-155-1. This legislation is co-sponsored by Congressman Mike Kennedy (UT-03), and led by House Committee on Financial Services Chairman French Hill (AR-02) and Subcommittee on Financial Institutions Chair Andy Barr (KY-06).

Rep. Kennedy signed on early as a co-sponsor of the package because of its focus on strengthening community banks: the institutions that power small businesses, farms, and

local economies across Utah's 3rd district and throughout the country. The Main Street Act will revitalize local bank formation and ensure that community lenders can focus on serving families and Main Street businesses, helping make life more affordable for Americans.

"The backbone of a free and strong economy is the local business owner," said Congressman Mike Kennedy. "Supporting Main Street institutions is one of the most effective ways to lower costs and secure long-term stability for American families. I appreciate Chairman Hill for his dedicated leadership on this issue, and am honored to join him in this fight for affordability and economic opportunity."

"As a former community banker, I've seen firsthand how community banks drive Main Street's growth," said Chairman French Hill (AR-02). "For decades, Washington has forced these institutions to operate under rules built for the largest, most systemically important banks, stifling local lending and accelerating industry consolidation. This bill fixes that. It spurs the formation of new banks, restores common-sense tailoring to bank regulation, and removes barriers that have limited lending in communities across the country. Expanding access to capital means entrepreneurs can invest, businesses can grow, and families can build wealth. I want to thank Subcommittee Chairman Andy Barr for his partnership on this bill, and I look forward to the Senate taking up this important legislation."

"Community banks are the backbone of Kentucky's economy," said Financial Institutions Subcommittee Chairman Andy Barr (KY-06) . "They help our small businesses grow, support our farmers, and give hardworking families a chance to achieve the American Dream. House Republicans are keeping our promise to make that dream more attainable by advancing a regulatory framework that expands access to capital, promotes economic growth, and strengthens Main Street. I'm grateful to Chairman French Hill for his leadership, and I'm proud the House is passing this package to support community banks and the Americans they serve."

"America cannot succeed if Main Street doesn't, and for too long, unnecessary barriers have made it harder for small businesses to receive the support they need to thrive," said Speaker Mike Johnson (LA-04). " The Main Street Capital Access Act offers commonsense solutions by helping local lenders better serve local businesses and the communities that rely on them. I commend Chairman Hill and Rep. Barr for their leadership on this issue and look forward to this important legislation supporting communities across the nation.."

"When community banks thrive, American workers on Main Street thrive. House Republicans are modernizing outdated regulations that have placed costly and unnecessary burdens on community banks and credit unions," said Majority Leader Scalise (LA-01). "The Main Street Capital Access Act will make it easier for local lenders to serve families and small businesses, and strengthen the communities they serve. I thank Chairman French Hill, Andy Barr, and the entire House Financial Services Committee for advancing this commonsense legislation."

"It's time to bring commonsense back to banking, and the Main Street Capital Access Act does just that," said Majority Whip Tom Emmer (MN-06). "This legislation will right-size federal bank regulations that currently treat local and mid-sized banks the same as the largest banks in the country. By cutting unnecessary red tape and expanding access to funding, we are going to keep community banks strong. We're also pleased to see the Keeping Deposits Local Act included in this final bill. I want to thank Chairman French Hill and Congressman Andy Barr for their work on this legislation and helping keep community banks competitive."

"The Main Street Capital Access Act cuts unnecessary red tape, promotes competition, and ensures smaller lenders can spend more time serving their customers instead of satisfying bureaucrats," said House Republican Conference Chairwoman Lisa McClain (MI-09). "That's exactly the kind of commonsense reform Republicans are fighting for to strengthen Main Street and keep the American Dream within reach."

Read a 1 pager here.

Read the full bill text here.