Secretary Bessent and I agree: My Main Street Depositor Protection Act will help usher in this Administration’s community bank comeback. @SecScottBessent: “I, along with you and another member of this Committee, are great advocates of this because what we have seen is depositors and investors believe that large banks have an implicit guarantee on all of their deposits during a time of crisis, during a stress event. As we saw in March of 2023, deposits flee from small banks because they are not believed to have that implicit guarantee. So, if we can have an account [for] small businesses—normally their payroll accounts—where depositors can deposit funds with the certainty that they will be returned, then it will stop that deposit beta and allow Main Street to flourish.”