Congressman Clay Fuller voted with a bipartisan majority this week to approve H.R. 6955, the Main Street Capital Access Act, legislation supporters say would make it easier for community banks to lend money to small businesses, farmers and families by reducing certain federal regulatory requirements. The bill passed the House by a 270-155 vote and now heads to the U.S. Senate. Fuller said greater access to capital helps small businesses expand and create jobs. “Greater access to capital allows small businesses to grow and create more jobs. I’m working to make Northwest Georgia’s economy the most vibrant it can possibly be, and it starts with strengthening our community banks,” Fuller said. The legislation is designed to encourage the creation of new community banks, reduce regulatory burdens on smaller financial institutions and allow local lenders to focus more on making loans rather than complying with regulations originally intended for much larger national banks. Supporters, including the American Bankers Association and more than 100 banking and business organizations, say the bill will improve access to credit in rural communities where community banks often play a critical role in financing farms, small businesses and home purchases. However, the bill has drawn opposition from several consumer advocacy groups. The National Community Reinvestment Coalition (NCRC) argues the legislation goes beyond helping community banks and instead weakens oversight of the banking…
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