Community Bankers Advance Federal Reserve Goal
The inclusion of a community banking representative on the Federal Reserve Board could be required by legislation, thanks to a quietly proposed amendment.
According to an unnamed Capitol Hill source, the Senate Banking Committee Thursday reached an unanimous consent agreement to move S. 2244, the Terrorism Risk Insurance Act reauthorization bill. The agreement stipulates that the bill will be considered with only four amendments in order, including one from Sen. David Vitter (R-La.) that would place a community bank representative on the Fed board. The amendment would likely be adopted by a voice vote, the source said.