News Column

Vitter Passes Legislation to Require Community Banking Experience at the Fed

July 17, 2014



WASHINGTON, July 17 -- The office of Sen. David Vitter, R-La., issued the following news release:

U.S. Sen. David Vitter (R-La.) today was able to pass an amendment to the Terrorist Risk Insurance Act (TRIA) that would require the Federal Reserve Board of Governors to have at least one member with community bank or community bank supervision experience. TRIA passed the Senate today, with Vitter's legislation, 93-4.

"This is a win for our community bankers, and those fighting against bailouts and too-big-to-fail banks, across the country who have had their voice get drowned out by Wall Street and academics in recent years. The Fed's role in bank supervision has greatly expanded, but Fed membership has dramatically shifted away from community bank experience and toward academic and economist experience," Vitter said. "Community banks have been getting the short end of the stick in the financial sector and it's only gotten worse since the financial crisis and megabank bailouts."

Click here to watch Vitter's remarks about his legislation on the Senate floor today (http://www.vitter.senate.gov/newsroom/video-and-audio/view/vitter-pushes-amendment-to-require-community-banking-experience-on-fed-board).

Vitter first introduced the bipartisan "Community Bank Preservation Act of 2014" on April 10. In February, he pressed Federal Reserve Chair Janet Yellen about whether the Board would benefit from having a requirement that at least one of its members have community bank or community bank supervision experience. Click here to watch Vitter's questions from the hearing on February 27.

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Source: Targeted News Service


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