Community Bank Representation Act

This bill changes the Federal Reserve Act so that the Federal Reserve Chairman selects one Board member with experience working in or supervising community banks. That member would develop policy recommendations on, and oversee, the supervision and regulation of banking organizations with less than $17 billion in total assets, in consultation with the Vice Chairman for Supervision. If this member is not the Vice Chairman for Supervision, the member would testify twice a year before the House and Senate banking committees. The bill also requires the Board to raise the $17 billion threshold in years when the nation's nominal gross domestic product grows, and removes the current $10 billion asset limit tied to the community bank Board seat.

Full text and official record on Congress.gov

Sponsors

• Monica De La Cruz Republican sponsor
• 3 cosponsors