To enhance the ability of community financial institutions to foster economic growth and serve their communities, boost small businesses, increase individual savings, and for other purposes.

Madam Speaker, I yield myself such time as I may consume.

First, I want to thank the gentlewoman from California for her leadership on this and countless issues that come before our committee.

I also want to thank the gentlewoman from West Virginia, the chair of Financial Institutions, for her constant willingness to come to the center and work for the greater good of our country.

I also want to thank the gentleman from Missouri (Mr. Luetkemeyer) for his outstanding leadership working for true regulatory relief to create jobs while protecting consumers. This is not the first bill that we have worked on together, and I hope it is not the last.

Across the Treasure Coast and Palm Beaches, the constituents that I am privileged to represent know that small businesses are the backbone of our economy. They understand that capital is the lifeblood that enables those businesses to grow, spurring innovation and creating jobs.

Community banks are on the front lines providing that capital, but they are being strangled by well-intentioned but excessive regulation. Let me be clear: I am not against reining in the excesses of Wall Street banks.

After the financial crisis nearly took down the economy and cost Americans $17 trillion worth of wealth and equity, the country's biggest banks should be held to a higher standard. It doesn't take a CPA to see the difference between a $2 trillion interconnected, globalized Wall Street bank and the 550 community banks on the town square under $1 billion in assets that do not yet get the regulatory relief provided by the Fed policy statement. We are here today to change that.

This bill would provide much-needed regulatory relief to community banks. Everyone says they are for community banks. Today is the day to prove it.

Madam Speaker, I include a letter of support from the Independent Community Bankers of America into the Record.

Independent Community Bankers of America,

Washington, DC., May 5, 2014.

House of Representatives,

Washington, DC.

Dear Representative: On behalf of the more than 6,500

community banks represented by the Independent Community

Bankers of America, I write to express our strong support for

H.R. 3329, which is scheduled for floor consideration this

week. Introduced by Reps. Blaine Luetkemeyer (R-MO), Patrick

Murphy (D-FL), Tom Cotton (R-AR), Mike Quigley (D-IL), and

Ann Kuster (D-NH), H.R. 3329 is bipartisan legislation that

would direct the Federal Reserve to increase the qualifying

asset threshold of the Small Bank Holding Company Policy

Statement from $500 million to $1 billion and allow small

savings and loan holding companies to be covered by its

provisions. This legislation is a key priority for ICBA and a

provision of our Plan for Prosperity: A Regulatory Relief

Agenda to Empower Local Communities. ICBA urges all members

of the House to vote YES on H.R. 3329.

Revising the Policy Statement will make it easier for small

bank and savings and loan holding companies to raise both

debt and equity and downstream the proceeds to their

subsidiary banks. The Policy Statement contains a number of

safeguards to ensure that the debt is managed responsibly and

subsidiary banks remain well capitalized. Increasing the

eligibility threshold to $1 billion to account for inflation,

industry consolidation, and asset growth will help an

additional 515 bank and savings and loan holding companies

raise capital for additional consumer and small business

lending, leading to job creation and community development.

Thank you for your consideration.

Sincerely,

Camden R. Fine,

President & CEO.

Madam Speaker, with that, I urge my colleagues to vote ``yes'' on the Luetkemeyer-Murphy bill, and with no further speakers, I yield back the balance of my time.

Madam Speaker, I yield myself such time as I may consume.

I want to thank both Chairman Hensarling and Ranking Member Waters for their support of my bill as well as the hard work of Chairman Congresswoman Capito here for her help and support today, as well as Congressman Murphy for his sponsorship as well.

At a time when regulators are requiring more and more from small and community-based institutions, I appreciate the opportunity to work across party lines to offer some commonsense relief.

Small bank and thrift holding companies face unique challenges with regards to capital formation, which is a particular concern at a time when regulators are demanding higher capital levels in response to Basel III. Understanding these challenges, the Federal Reserve has recognized that small bank holding companies have limited access to financing and, as a result, face difficulties in the acquisition of small banks by small holding companies, which often requires the use of debt.

The Federal Reserve Bank holding company policy statement, first issued in 1980, allows for relief from certain requirements, making it necessary for a small bank holding company to raise the necessary capital and issue debt. The policy statement also simplifies acquisitions and formation of new bank and thrift holding companies. These are important tools in ensuring that our smallest institutions can continue to lend in their communities, hire new staff, and survive what remains of a very difficult time for community banks.

H.R. 3329 simply increases the threshold in the Fed's policy statement from $500 million to $1 billion in assets.

The $500 million threshold has not been touched since 2006.

In the past 7 years, our Nation's smallest bank and thrift holding companies have faced significant recession, consolidation, and an alarming number of bank failures. While this bill does offer regulatory relief to our Nation's smallest institutions, it also includes safeguards that allow the Fed to continue to monitor for safety and soundness. The Fed retains the right to impose capital standards on a holding company if the Board of Governors decides it is needed to protect the safety and soundness of that institution and its customers.

Additionally, the policy statement outlines requirements that limit a bank holding company's ability to benefit from this relief. H.R. 3329 keeps these safeguards in place. This noncontroversial bill will help more than 500 of our Nation's smallest banks and thrift holding companies.

H.R. 3329 has bipartisan support and the support of the Independent Community Bankers of America and the American Bankers Association.

H.R. 3329 will go a long way in ensuring that these institutions are able to grow stronger and continue to serve their communities.

I urge my colleagues on both sides of the aisle to support this commonsense legislation.

With that, I yield back the balance of my time.

Madam Speaker, I move to suspend the rules and pass the bill (H.R. 3329) to enhance the ability of community financial institutions to foster economic growth and serve their communities, boost small businesses, increase individual savings, and for other purposes.

Madam Speaker, I ask unanimous consent that all Members have 5 legislative days within which to revise and extend their remarks and then submit extraneous materials for the record on H.R. 3329, currently under consideration.

Madam Speaker, I yield myself such time as I may consume.

Madam Speaker, I would like to thank Mr. Luetkemeyer and Mr. Murphy of Florida for drafting the legislation before us this afternoon and for working together on the Financial Services Committee.

H.R. 3329 provides targeted regulatory relief for small bank holding companies. Under the current regulatory framework, the Federal Reserve's rules sometimes make it difficult for small banks to make acquisitions. This is because the acquiring institution often uses debt financing to make the acquisition.

Recognizing that many small institutions rely on debt financing for an institution, the Federal Reserve requires policy statements to ensure the debt is managed properly and subsidiary banks are well capitalized. The legislation before us today makes it easier to form new holding companies, fund existing holding companies and make acquisitions by issuing debt at the holding company level by raising the threshold from $500 million in consolidated assets to $1 billion in consolidated assets.

I commend the authors of this bill for their hard work on this bipartisan legislation which passed the committee by voice vote last November. This is about creating jobs, getting credit across the country for consumers and for small business owners.

I urge adoption of the bill and reserve the balance of my time.

Madam Speaker, I ask unanimous consent that Mr. Luetkemeyer be permitted to control the remaining balance of my time.

Mr. Speaker, on Tuesday, May 6, 2014, I was at home in Wisconsin taking care of my wife and our new baby daughter. Had I been present, I would have voted in the following ways:

1) H.R. 3584--The Capital Access for Small Community Financial Institutions Act of 2013--Yea

2) H.R. 2672--CFPB Rural Designation Petition and Correction--Yea

3) H.R. 4386--Money Remittance Improvement Act of 2013--Yea

4) H.R. 3329--To enhance the ability of community financial institutions to foster economic growth and serve their communities, boost small businesses, increase individual savings, and for other purposes--Yea

5) H.R. 3468--The Credit Union Share Fund Insurance Parity Act--Yea

6) H.R. 2919--The Open Book on Equal Access to Justice Act--Yea

7) H.R. 4292--The Foreign Cultural Exchange Jurisdictional Immunity Clarification Act--Yea

Mr. President, I ask unanimous consent that the Banking, Housing, and Urban Affairs Committee be discharged from further consideration of H.R. 3329 and the Senate proceed to its immediate consideration.

I further ask unanimous consent that the King substitute amendment, which is at the desk, be agreed to; the bill, as amended, be read a third time and passed; and the motion to reconsider be considered made and laid upon the table with no intervening action or debate.