FOR IMMEDIATE RELEASE
Congress to President: Nominate Fed Board Member with Community Bank Experience
Washington, D.C. (June 18, 2014)—The Independent Community Bankers of America® (ICBA) today voiced strong support for a bipartisan letter, signed by 86 members of the House of Representatives, which encourages the President to appoint someone with community banking experience to the Federal Reserve board. ICBA also thanked Reps. Sean Duffy (R-Wis.) and Ed Perlmutter (D-Colo.) for spearheading the letter.
In the letter, members of Congress noted how it is in the Federal Reserve’s best interest to have a representative who understands the unique needs and perspectives of community banks when key economic and regulatory decisions are debated. A similar bipartisan letter urging President Obama to consider the concerns of community bankers when naming a replacement to the Fed board was sent by several members of the Senate in April. There are more than 6,500 community banks nationwide.
“Community bankers have an unparalleled understanding of what it takes to create healthy, vibrant local economies, which lead to a more robust national economy overall,” said John H. Buhrmaster, ICBA chairman and president and CEO of 1st National Bank of Scotia, N.Y. “It’s in the Federal Reserve’s best interest to have a community banker on the board who can bring this valuable expertise and perspective to the table—helping to make the Fed board’s decision process on economic and monetary policy as holistic as possible.”
ICBA has repeatedly called on the White House and Congress to ensure a community bank presence on the Fed board. In addition to making its case in communications with policymakers, ICBA has called on Congress to advance legislation that would require a community bank presence on the board.
The Community Bank Preservation Act of 2014 (S. 2252), introduced in May by Sen. David Vitter (R-La.), would require at least one member of the board to have experience as a community banker or community bank supervisor. ICBA has urged the Senate Banking Committee and the full Senate to quickly take up and pass the legislation.
For more information, 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.