07/21/2015

ICBA Urges Congressional Outreach on New Threat to Fed Dividends

ICBA is calling on community bankers to urge their senators to immediately oppose an advancing legislative proposal that would reduce dividends paid on stock that banks are required to hold as members of the Federal Reserve System.

ICBA offers a customizable message to Congress opposing the provision, which would dramatically cut Fed dividends for a completely unrelated congressional priority—reauthorizing the Highway Trust Fund.

In a coalition letter to lawmakers last week, ICBA noted that owning Federal Reserve Bank stock is not an investment choice but a legal mandate that requires members to pay 6 percent of their capital to their regional Reserve Bank. Contact Congress Today!