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ICBA Applauds Senate Passage of Hutchison/Klobuchar Amendment

Washington, D.C. (May 12, 2010)—Independent Community Bankers of America (ICBA) Chairman Jim MacPhee, CEO of Kalamazoo County State Bank in Schoolcraft, Mich., issued this statement today following Senate passage of an amendment sponsored by Sens. Kay Bailey Hutchison (R-Texas) and Amy Klobuchar (D-Minn.) to the Senate’s Wall Street reform bill. The Hutchison/Klobuchar amendment would preserve the Federal Reserve’s authority to examine state-chartered community banks and small bank holding companies.

“ICBA thanks Sens. Hutchison and Klobuchar for offering this key amendment that maintains the Federal Reserve's examination authority and allows the regional Federal Reserve Banks to keep their finger on the pulse of the Main Street communities that our nation’s nearly 8,000 community banks serve each and every day. These communities all have diverse regional economies, and the insights provided by the current system are crucial to the Federal Reserve exercising its monetary functions and its ability to gauge the impact of banking regulations across various institutions. As ICBA has urged, the Fed must be the central bank of the United States, not the central bank of Wall Street and this amendment preserves that role.

“The amendment also eliminates harmful provisions that likely would result in payments from the FDIC’s Deposit Insurance Fund (DIF) to subsidize the exam costs of national megabanks. The last thing these megabanks deserve is yet another subsidy.

“ICBA thanks the Senate for approving this amendment and appreciates the work of Sen. Mark Pryor (D-Ark.) on this critical issue. Sen. Pryor offered a similar amendment that helped move this discussion forward.

“ICBA looks forward to continuing to work to ensure that the final Wall Street reform bill contains meaningful measures that will strengthen the integrity of our financial system, hold too-big-to-fail institutions accountable and safeguard our economy for generations to come.”

For more information and to view ICBA’s letter of support for the Hutchison/Klobuchar amendment, visit www.icba.org.

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