Washington, D.C. (Nov. 22, 2021) — Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on today’s announcement that President Joe Biden intends to nominate Federal Reserve Chairman Jerome Powell for a second term as chairman and Federal Reserve Governor Lael Brainard as vice chair.
“ICBA congratulates Federal Reserve Chairman Jerome Powell and Fed Governor Lael Brainard for their nominations. Both nominees have vast experience, expertise, and an intimate understanding of the nation’s private banking system from long careers in banking, finance, and regulation.
“As the Senate considers these nominations, ICBA looks forward to continuing to work with Chairman Powell and Governor Brainard on the challenges and opportunities facing the community banking industry.”
For more information, visit icba.org.
The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. ICBA 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.
With nearly 50,000 locations nationwide, community banks constitute 99 percent of all banks, employ more than 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5.8 trillion in assets, over $4.8 trillion in deposits, and more than $3.5 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.