ICBA applauded the Senate for approving legislation that would require the White House to appoint someone with community banking experience to the Federal Reserve Board.

An ICBA-advocated amendment offered by Sen. David Vitter (R-La.) to legislation reauthorizing the Terrorism Risk Insurance Act (S. 2244) would require at least one member of the Fed board to have experience as a community banker or community bank supervisor.

ICBA has repeatedly called on the White House and Congress to ensure a community bank presence on the Fed board and has strongly supported Vitter’s Community Bank Preservation Act (S. 2252).

“Community bankers have a unique understanding of how to promote healthy and vibrant local economies and should continue to have a clear voice on the Federal Reserve Board,” said ICBA Chairman John Buhrmaster, who was quoted in Politico.

In a letter yesterday, ICBA urged senators to vote to approve the amendment to promote a broad range of representation on the board as well as tiered financial regulation. Vitter presented ICBA’s letter of support during the Senate session, as the Wall Street Journal reported.

ICBA strongly urged the House to adopt the amendment