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Representative Shelley Moore Capito
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Current Office: U.S. House
Current District: 2
First Elected: 11/07/2000
Last Elected: 11/04/2008
Next Election: 2010
Party: Republican
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BiographicalVoting RecordIssue Positions
(Political Courage Test)Interest Group RatingsPosition PapersSpeeches and Public StatementsAdditional Biographical InformationCampaign Finances
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Title: Preserving and Expanding Minority Depository Institutions Act
Date: 12/05/2007
Location: Washington, DC
Speech
PRESERVING AND EXPANDING MINORITY DEPOSITORY INSTITUTIONS ACT -- (House of Representatives - December 05, 2007)
BREAK IN TRANSCRIPT
Mrs. CAPITO. Mr. Speaker, I yield myself such time as I may consume.
I rise in support of H.R. 4043, the Preserving and Expanding Minority Depository Institutions Act of 2007. This bipartisan legislation, introduced by Chairman Watt and Ranking Member Miller of the Financial Services Oversight and Investigations Subcommittee is intended to support our Nation's minority banks. The bill includes new reporting requirements which will help gauge the effectiveness of government programs that assist minority banks. Like other community banks, minority banks may confront unique challenges because of their smaller size.
Section 308 of FIRREA, the Financial Institutions Reform, Recovery and Enforcement Act of 1989, mandates that the FDIC in conjunction with the Office of Thrift Supervision work to preserve existing minority banks, promote the creation of new minority banks, and provide technical assistance and training. Although not required to do so, the Office of the Comptroller of the Currency and the Federal Reserve also provide assistance to minority banks.
H.R. 4043 will codify the advisory role of the OCC and the Federal Reserve by expanding section 308 of FIRREA to include both of these agencies. Additionally, the legislation directs all four banking regulators to report annually to Congress on their efforts to preserve, promote, and assist minority banks.
At an October 30 Oversight and Investigations Subcommittee hearing on minority banks, the OCC and Federal Reserve did not object to being covered by section 308 of FIRREA, and all four regulators stated that they would also not object to the annual reporting requirement since most of them already include minority bank information in reports they currently submit to Congress.
At that same hearing, the subcommittee heard testimony that many of the regulators' programs are underutilized by the minority banks they are designed to help. According to a report issued by the Government Accountability Office last year, most of the banks that did participate found these programs very, very useful. Minority banks should be encouraged to use any and all the tools provided to them by the Federal regulators.
I, too, join with my colleague Congressman Watt in extending our deep sympathy and great caring for our colleague Congressman Miller while he's going through the tragedy in his family. We miss him here, but his imprint is being felt through this legislation today, and we wish him God's help in dealing with this crisis.
[Time: 12:45]
Mr. Speaker, I urge my colleagues to join me in supporting this legislation, and I yield back the balance of my time.
BREAK IN TRANSCRIPT
http://www.thomas.gov
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