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H.R. 6955119th CongressPassed one chamberLatest action Jul 22, 2026Decoded by AI · checked against the record
The plain-language version leads. The official text is always the reference.
The Main Street Act would loosen bank oversight and speed up regulatory approvals, especially for small and rural banks.
45-second read · 4 questions answered below
The bill changes how federal agencies like the FDIC, Federal Reserve, and Comptroller of the Currency regulate banks, especially smaller and community banks. It gives new banks a three-year phase-in for capital requirements, sets faster approval deadlines with automatic approval if missed, raises asset thresholds for strict oversight, and creates new rules for faster, more standardized bank examinations plus an appeals office for disputed findings.
The bill mainly affects banks themselves, especially small, community, and rural banks and people starting new banks. It could also indirectly affect depositors, farmers, small business borrowers, and communities served by local banks.
Raising the thresholds for strict "too big to fail" oversight means some previously closely-watched banks would face lighter regulation, and faster, more automatic approval deadlines could reduce the time regulators have to scrutinize applications and mergers.
AI-drafted summary. Verify it against the official text before you act on it. Read the official bill on Congress.gov
Right now: it passed the House, and the official record shows nothing new since. If the Senate changes it, it goes back to the House before reaching the President.
Latest action: — Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.