The record

LegislationLegislation· May 2026
HR 4544 Passed House — in Senate

Sponsored by Maxine Waters (D)

American Access to Banking Act

Streamlines federal approval for new banks and credit unions to speed up their formation.

Tradeoff

Requires federal banking regulators to simplify new-bank applications and review capital-raising rules. Reduces the Federal Reserve's discretionary surplus fund by $24 million, effective September 1, 2036.

What's in it

See official bill text

Increases the deficit by $24 billion over 10 years (2026-2035), with $12 million in direct spending and $12 million in foregone revenues.

The $12 million in direct spending over 10 years is just the federal cost for regulators to analyze and streamline application processes—the policy's real impact is the private-sector mandate on depository institutions and regulators to coordinate and report on charter applications, intended to reduce barriers to forming new banks and credit unions.

H.R. 4544, American Access to Banking Act · Feb 2026

The House passed this 405-4 on May 20, 2026. The bill is now in the Senate.

  1. House

    Introduced

    (Jul 17, 2025)

  2. House

    Committee on Financial Services(Jul 17, 2025)

  3. House

    The Committee on Financial Services voted to send it to the floor

    Reported 49 - 0(Jul 23, 2025)

    Committee report H. Rept. 119-253.

  4. House

    On Motion to and Pass, as Amended

    Passed(Roll #178 · May 20, 2026)

    405 yeanay 4

  5. Senate

    Received from the House

    on Banking, Housing, and Urban Affairs(May 21, 2026)

Passage votes so far· May 20, 2026· 119th Congress · 2025–2027