H.R.3709 - Advancing the Mentor-Protégé Program for Small Financial Institutions Act (119th Congress)
Summary
H.R.3709, the "Advancing the Mentor-Protégé Program for Small Financial Institutions Act," aims to establish a mentorship program within the Department of the Treasury. This program would pair large financial institutions with smaller ones. The goal is to enhance the capabilities of small financial institutions, enabling them to better serve their customers and potentially act as financial agents of the government.
Expected Effects
The bill's enactment would lead to the creation of a formal framework for mentorship within the financial sector. This could result in improved operational efficiency and service delivery at smaller financial institutions. It also mandates annual outreach events and reporting to Congress on the program's progress.
Potential Benefits
- Enhanced capabilities of small financial institutions through mentorship.
- Increased preparedness of small institutions to act as financial agents.
- Improved service delivery to customers of small financial institutions.
- Promotion of collaboration between large and small financial institutions.
- Increased transparency through mandatory reporting to Congress.
Most Benefited Areas:
Potential Disadvantages
- Potential for regulatory burden on participating institutions.
- Risk of unequal access to the program for some small financial institutions.
- Possible administrative costs associated with establishing and maintaining the program.
- Dependence on the willingness of large financial institutions to participate.
- Limited scope, focusing solely on financial institutions and not addressing broader economic issues.
Constitutional Alignment
The bill appears to align with the Constitution's general welfare clause (Preamble). Congress has the power to regulate commerce and support financial institutions. The establishment of a mentorship program falls under Congress's implied powers to ensure a stable financial system. No specific constitutional conflicts are apparent.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).