Sixteen senators wrote to President Obama yesterday urging him to nominate someone with community banking or community bank supervisory experience to the Federal Reserve Board.
“Nominating an individual with community banking or supervisory experience would ensure that future Federal Reserve actions and regulations are tailored and reflect a nuanced understanding of the regulatory and economic environment faced by community banks, and that the role that these institutions play in their communities and in our financial system is not diminished,” the senators wrote.
Several other members of Congress, along with ABA and the state bankers associations have made similar appeals to the White House. Former ABA Chairman Betsy Duke was the last community banker to serve as a Fed governor. Sarah Bloom Raskin, a former state banking supervisor, left the Board in March to become deputy Treasury secretary.