U.S. Senate Committee on Banking, Housing and Urban Affairs ranking member urges House to reject Main Street Capital Access Act over reduced big bank oversight

Elizabeth Warren, ranking member of the U.S. Senate Committee on Banking, Housing and Urban Affairs, issued a statement opposing the Main Street Capital Access Act, which House Republicans are advancing. She argued the bill is framed as relief for community banks but would in practice weaken oversight of large banks and their executives, increase legal avenues to challenge banking safeguards and enforcement actions, and raise risks to consumers and the banking system. Warren said the measure would relax supervision of big banks and senior executives, accelerate large bank mergers, and exempt more large banks from enhanced oversight. She also said it would undo bipartisan compromises reached during negotiations on the 21st Century ROAD to Housing Act. In her assessment, the changes would increase Wall Street profits and executive bonuses while making big bank failures more likely, harming consumers, constraining small business access to credit, and reducing the number of community banks. She called on the House not to pass the bill.