DOWNING-COSPONSORED FINANCIAL SERVICES BILL PASSES HOUSE

WASHINGTON, D.C. – Today, the U.S. House of Representatives passed H.R. 6955, the Main Street Capital Access Act, legislation cosponsored by Congressman Troy Downing, to encourage new bank formation and help community lenders better serve families, small businesses, and rural communities across Montana.

The Main Street Capital Access Act reduces regulatory barriers that have made it increasingly difficult to establish and grow community banks. For years, smaller financial institutions have been subjected to many of the same rules designed for the nation’s largest banks. These one-size-fits-all requirements have limited local lending and discouraged the creation of new banks, particularly in rural states like Montana.

“Montana families and small businesses depend on community banks that understand their needs and are invested in the success of their towns,” said Congressman Downing. “Instead, Washington has buried these local lenders in one-size-fits-all rules meant for megabanks. The Main Street Capital Access Act cuts the red tape holding back community lending, makes it easier to establish new banks, and expands access to capital in rural communities. This bill puts Main Street ahead of Washington bureaucracy.”

The legislation also strengthens transparency and accountability in the bank approval process while ensuring regulators remain focused on safety and soundness. By removing unnecessary barriers to entry, the bill will help expand financial services in underserved communities and give more Montanans access to trusted local lenders.

Read the full bill text HERE.

###