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Senators Encourage President to Consider Community Banks

Posted on 4/1/2014

Senators Mark Warner (D-VA) and Pat Toomey (R-PA) encouraged President Obama in a letter yesterday to consider a nominee for the Board of Governors of the Federal Reserve with a background in community banking or supervisory experience. The Senators explained the effective role that community banks have nationwide, especially in rural and underserved communities.

"Community banks, like midsized and regional institutions, face distinct challenges from larger financial institutions. As the Federal Reserve moves forward with new regulations, it is vital for there to be a voice on the Board of Governors with first-hand knowledge of the community banking experience," the Senators wrote in the letter. "We believe it will make the Board of Governors of the Federal Reserve able to more effectively regulate these entities."

The Senators also mentioned that the Fed's Board of Governors historically has had at least one member with community banking or supervisory experience and hopes to continue this trend so that a representative voice for community banks will remain on the Board.

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