WASHINGTON, DC— The U.S. House of Representatives today passed H.R. 4043, the Preserving and Expanding Minority Depository Institutions Act. H.R. 4043 would require each federal financial services regulator (the Federal Deposit Insurance Corporation, the Federal Reserve, the Office of the Comptroller of the Currency and the Office of Thrift Supervision) to submit an annual report to Congress on their efforts to preserve, support and promote minority banks.

Congressman Mel Watt (12th District – NC) introduced this legislation following a House Financial Services Oversight and Investigations Subcommittee hearing at which testimony indicated that the federal banking regulators have not routinely surveyed institutions within their jurisdiction to assess the effectiveness of their support efforts to minority banks or established outcome-oriented performance measures to gauge the success these efforts. Rep. Watt is the Chairman of the House Financial Services Oversight and Investigations Subcommittee.

Congressman Watt said: "Minority banks play an important role in serving communities that have historically been underserved. I was pleased at the bipartisan support for H.R. 4043 and look forward to the expanded effort of federal banking regulators to support these institutions."

An identical bill has been introduced in the Senate by Senator Robert Menendez of New Jersey and is expected to be considered during this term of Congress.