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U.S. Senate: Require community bank presence on Fed board

U.S. Senate: Require community bank presence on Fed board


U.S. community banks score big win this week as Senate agrees to legislation requiring the Federal Reserve to include at least one community banker on its seven-member board


​Washington, D.C., 17 July 2014 —The Independent Community Bankers of America® (ICBA) today applauded the Senate for approving legislation that would require the White House to appoint someone with community banking experience to the Federal Reserve Board. An ICBA-advocated amendment offered by Sen. David Vitter (R-La.) to legislation reauthorizing the Terrorism Risk Insurance Act (S. 2244) would require at least one member of the Fed board to have experience as a community banker or community bank supervisor.
“Community bankers have a unique understanding of how to promote healthy and vibrant local economies and should continue to have a clear voice on the Federal Reserve Board,” said John H. Buhrmaster, ICBA chairman and president and CEO of 1st National Bank of Scotia, N.Y. “Because community bankers can bring this valuable expertise and perspective to the table, having a community banker on the Fed board is in the interest of the agency, the economy and the American people.”

Regulation; Supervision