[Congressional Record (Bound Edition), Volume 161 (2015), Part 14]
[House]
[Page 19201]
[From the U.S. Government Publishing Office, www.gpo.gov]




                          RECIPROCAL DEPOSITS

  (Mr. EMMER of Minnesota asked and was given permission to address the 
House for 1 minute.)
  Mr. EMMER of Minnesota. Mr. Speaker, to realize their American Dream, 
many Minnesotans rely on access to financial products like business 
loans and mortgages. Not only do these financial instruments benefit 
individuals and families, but they help build healthy communities.
  Unfortunately, in some rural and urban areas, outdated regulations 
threaten the ability of our community banks to offer these important 
financial products.
  Together with Congresswoman Gwen Moore, I have introduced legislation 
that will address this problem. H.R. 4116 allows certain community 
banks to trade large bank deposits over a secure network.
  This will enable depositors to do business with local community banks 
while still maintaining FDIC insurance instead of seeing important and 
necessary financial capital that could be used for local projects, 
purchases, and investment leave local communities.
  Mr. Speaker, this legislation is good for Minnesota. And please 
forgive my bias, but I happen to believe what is good for Minnesota is 
good for our country.

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