This week was a victory for middle and low income Utahns, who are looking for ways to realize their version of the American dream.  That victory came when the U.S. House of Representatives passed my bill, H.R. 3791, which will enable thousands of people to achieve personal freedom through economic freedom. 

I know several friends and neighbors here in Utah who are looking for ways to move their lives forward.  One young couple wants to open a restaurant and live their dream of running their own business.  Another wants to expand her successful early childhood academy school in order to serve more students.  I have friends seeking to buy a car so they can commute to a new job or school.  One couple needs to renovate their home to accommodate their growing family.  In order for each of these Utah individuals, couples and families to take a step toward their dreams they need the same thing - access to credit.  

That’s why I’m so proud that H.R. 3791 passed.  It will help get my friends and many more middle and low income Utahns and Americans access to the credit they need, and give them a better chance at obtaining economic freedom.

Economic freedom and personal freedom run hand in hand.  In order to enjoy our personal freedom, Americans need access to credit as individuals, on behalf of their families, and in their businesses.  Access to credit creates jobs and contributes to an economically healthy community.

H.R. 3791 has a long title, (Raising the consolidated asset threshold under the Federal Reserve’s Small Bank Holding Company Policy Statement), but it’s a simple bill that simply helps our communities.

The bottom line is that the bill cuts red tape for small banks.  It makes changes in the law to help small banks and savings and loan companies get access to the capital they need to serve their communities.  This will affect more than 400 small bank and thrift holding companies, currently bound from restrictive regulatory and capital guidelines.

You can’t have Capitalism without access to Capital.  Smaller banks are the lifeblood of many local communities in Utah. They support the credit needs of low and middle income families, small businesses, farmers, and entrepreneurs. Community banks are a major, and sometimes the only, lending source for a lot of hard working and ambitious people.

When these community banking institutions are overwhelmed with regulations and mandates – many of which are meant for larger institutions – it is the hard working Americans in those communities that suffer.  The exemptions provided in this bill make it easier for small holding companies to raise capital and issue debt.  I believe the law should reflect the needs of people, not the desires of Washington bureaucrats.

This legislation will help ensure that our smallest institutions can continue lending to the hardworking Americans and small businesses in their communities.

Many middle and low income Americans are struggling, and Community banks are their best hope. In fact, proximity to a community bank increases the chances that a new small business will be approved for a small business loan and will have the chance to succeed.

This bill is not about supporting banks.  It’s about supporting families, communities, and small businesses.  This bill is about fighting against the ever-expanding power and control of an overly burdensome bureaucracy within the federal government.  More importantly, this bill is about fighting for Utahns, especially those Utahns who are not wealthy or well connected, but who deserve a chance to chase their version of the American dream.