Press Releases
Womack: Community Banks Need Representation on Central Bank Board
Washington, D.C.,
January 16, 2014
Today, Congressman Steve Womack (AR-3), along with 28 Members of the U.S. House of Representatives, sent a letter to President Barack Obama expressing concern with his recent nominations to the Federal Reserve Board of Governors, which fail to address community banks’ lack of representation on the Board. “The central bank supervises and regulates banks that are members of the Federal Reserve System, including community banks, yet it lacks a member of its governing body who has experience with the day-to-day operations of a small bank.” The letter goes on to ask that the administration take into consideration the importance of appointing a governor who understands the practical implications the Board’s actions have on community banks and who can share that perspective with the other governors. Full text of the letter can be found here. Full list of cosigners:
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