Community Bank Representation Act
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Summary
The bill amends the Federal Reserve Act to direct the Chairman of the Federal Reserve Board to select one Board member with primary experience in community banks to develop policy recommendations and oversee supervision of banking organizations with less than $17 billion in total assets, in consultation with the Vice Chairman for Supervision. It requires that member to testify at semi-annual hearings before the Senate Banking and House Financial Services committees, raises the asset thresholds referenced in the Act to $17 billion, and requires annual automatic adjustment of these dollar figures based on increases in nominal U.S. GDP. It also makes a conforming change to the Federal Financial Institutions Examination Council Act of 1978.
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How your representatives voted
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