S. 2252 requires at least one Federal Reserve Board member to have community banking experience
Washington, D.C. (May 7, 2014)—Camden R. Fine, president and CEO of the Independent Community Bankers of America® (ICBA), today issued the following statement in support of the Community Bank Preservation Act of 2014 (S. 2252)
The legislation, introduced by Senate Banking Committee member David Vitter (R-La.), would require at least one member of the Federal Reserve Board of Governors to have experience as a community banker or community bank supervisor. The bill’s bipartisan cosponsors include Sens. Heidi Heitkamp (D-N.D.), Mark Kirk (R-Ill.), Mary Landrieu (D-La.), Roy Blunt (R-Mo.), Tom Coburn (R-Okla.), Daniel Coats (R-Ind.), and John Barrasso (R-Wyo.).
“The entire financial industry and our nation’s economy would benefit greatly by having a broad representation on the Federal Reserve Board, including a member with community banking experience. The board not only plays a key role in our economy by promoting employment and stable prices, but is also an important regulatory body for the global financial system. ICBA urges the Senate Banking Committee and the full Senate to quickly take up and pass this important legislation.
“Community banks are critically important to the nation’s economy, particularly in regards to small business lending and providing banking services in small and rural communities. These banks and the communities they serve have vital interests at stake in the economic, banking and payment issues that routinely come before the board.
“By requiring community bank representation on the board, S. 2252 would help secure the future of the community banking industry, the more than 6,500 community banks across the nation, and the customers and communities that depend on these locally based institutions.”
For more information about community banks and the positive impacts they have on local communities, visit www.icba.org.
The Independent Community Bankers of America®, the nation’s voice for more than 6,500 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services.