Discussion · House of Representatives
J. French Hill Republican
“I support this bill because it helps new, local banks get started. These start-up banks can better serve fast-growing communities and compete with the biggest financial companies.”
“Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I thank Mr. Loudermilk who spoke a moment ago. The vice chairman of our Subcommittee on Financial Institutions made a very good point also about how this bill strengthens competition. Chairman Andy Barr of Kentucky, Ranking Member Waters of California, and Mr. Loudermilk all mentioned the importance of encouraging de novo banks, meaning start-up banks, particularly in our fast-growing communities that have seen disproportionate business and population growth, like south Florida or other places across the Nation. All three of those Members have something in common, which is they support greater de novo provisions. We had Ms. Waters in the housing bill, and we have two in this bill that encourage start-up banks and encourage the regulators to work and have a better strategy for start- up financial institutions because that means that they can meet the growth. What does that do, Mr. Speaker? It increases competition for the biggest companies because they are close to customers, they have a business strategy, and they are unique to the marketplace. That is another example of how this bill is, in fact, counter to the assertion that it is only geared towards Wall Street institutions. Mr. Speaker, I yield 2 minutes to the gentleman from Pennsylvania (Mr. Meuser), who understands finance from both the point of view of one of our biggest and most industrial States, Pennsylvania, having been a statewide officer as well as a highly successful manufacturer and entrepreneur. Mr. Meuser is the chair of our Oversight and Investigations Subcommittee.”
Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I thank Mr. Loudermilk who spoke a moment ago. The vice chairman of our Subcommittee on Financial Institutions made a very good point also about how this bill strengthens competition. Chairman Andy Barr of Kentucky, Ranking Member Waters of California, and Mr. Loudermilk all mentioned the importance of encouraging de novo banks, meaning start-up banks, particularly in our fast-growing communities that have seen disproportionate business and population growth, like south Florida or other places across the Nation. All three of those Members have something in common, which is they support greater de novo provisions. We had Ms. Waters in the housing bill, and we have two in this bill that encourage start-up banks and encourage the regulators to work and have a better strategy for start- up financial institutions because that means that they can meet the growth. What does that do, Mr. Speaker? It increases competition for the biggest companies because they are close to customers, they have a business strategy, and they are unique to the marketplace. That is another example of how this bill is, in fact, counter to the assertion that it is only geared towards Wall Street institutions. Mr. Speaker, I yield 2 minutes to the gentleman from Pennsylvania (Mr. Meuser), who understands finance from both the point of view of one of our biggest and most industrial States, Pennsylvania, having been a statewide officer as well as a highly successful manufacturer and entrepreneur. Mr. Meuser is the chair of our Oversight and Investigations Subcommittee.