The Main Street Capital Access Act
We are carrying that momentum into the new year by focusing on the backbone of local economies: community banks and Main Street lenders.
This week, in my role as Chairman of the Financial Services Committee, I introduced the Main Street Capital Access Act to revitalize community banks.
As a former community banker in central Arkansas, I saw firsthand how one-size-fits-all regulations hurt small banks and the communities they serve. The current regulatory framework does not make sense for local lenders.
The Main Street Capital Access Act makes meaningful reforms to reduce unnecessary compliance burdens and encourage new community bank formation.
Put simply, it ensures local lenders can focus on serving families, small businesses, and local economies, helping make life more affordable and strengthening Main Street across America.
One specific example is housing. Today, two-thirds of one to four-family home construction loans are made by smaller banks, and Arkansas has many excellent community lenders.
By lowering compliance costs, this legislation will allow those banks to lend more to families looking to build new homes.
There is still more work to do to make life more affordable. You do not dig out of an economic hole created by years of mismanagement and high inflation overnight.
Congressional Republicans, working with President Trump, are committed to continuing this work and delivering real results for Arkansans.
You can watch my press conference HERE or learn more about the Main Street Capital Access Act HERE.