Rep. McCollum Statement Opposing H.R. 6955, the Main Street Capital Access Act

Mr. Speaker, I rise in opposition to H.R. 6955, the Main Street Capital Access Act.

At a time when families are struggling with the cost of living, this bill could make it even worse. H.R. 6955 loosens guardrails on Wall Street banks that are already posting record profits. The bill would further weaken the Consumer Financial Protection Bureau, the agency Congress built to protect consumers from junk fees, medical debt abuses, and unfair debt collection, at the very moment financial scams are costing Americans tens of billions of dollars. And on top of that, it weakens community reinvestment and anti-discrimination protections.

This package bundles 24 Republican bills with just 2 Democratic ones, and it's loaded with poison pills. One provision would even let Wells Fargo, delay enforcement action against future harm. We can and must do better to protect our constituents, and the small banks that work to reinvest in our communities. 

Let me be clear, while I oppose this bill, I remain a strong supporter of our community banks and Community Development Financial Institutions (CDFI) and their ability to compete fairly with the Wall Street megabanks. That's why I supported real, bipartisan community bank reforms in the 21st Century Road to Housing Act. This bill isn't that, nor is it the reform that our community banks and CDFIs need to better help our community. Instead, H.R. 6955 is dressed up as help for community banks, when it will mostly benefit Wall Street.

I look forward to working with my colleagues to bring real reforms to the community banks that anchor our main streets. But at this time, I urge my colleagues to vote no on H.R. 6955. 

I yield back.