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January 06, 2015
Obama to nominate community banker to Fed
President Barack Obama reportedly plans to nominate a community banker to the Federal Reserve Board soon, according to The Wall Street Journal.
When testifying before the Senate Banking Committee in July, Fed Chair Janet Yellen said she would welcome a community banker to the board but that governors to the board should be selected based on current needs at the time of their appointment, not under mandate.
Both then-committee Chairman Tim Johnson, D-S.D., and then-Ranking Member Mike Crapo, R-Idaho, noted their support for someone with community banking experience to serve on the board. Sen. David Vitter, R-La., introduced an amendment to S. 2244, the reauthorization of the Terrorism Risk Insurance Act, which would require having a community banker on the Fed Board; the bill did not pass.
Last April, NAFCU President and CEO Dan Berger wrote the White House advocating for a credit union representative to serve on the Fed Board.
The White House did not comment on the president's reported plans.
When testifying before the Senate Banking Committee in July, Fed Chair Janet Yellen said she would welcome a community banker to the board but that governors to the board should be selected based on current needs at the time of their appointment, not under mandate.
Both then-committee Chairman Tim Johnson, D-S.D., and then-Ranking Member Mike Crapo, R-Idaho, noted their support for someone with community banking experience to serve on the board. Sen. David Vitter, R-La., introduced an amendment to S. 2244, the reauthorization of the Terrorism Risk Insurance Act, which would require having a community banker on the Fed Board; the bill did not pass.
Last April, NAFCU President and CEO Dan Berger wrote the White House advocating for a credit union representative to serve on the Fed Board.
The White House did not comment on the president's reported plans.
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