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Senators Urge President to Replace Fed Governor With a Community Banker

 

April 15 - As President Obama considers nominees to fill the seat of retiring Federal Reserve Board Governor Jeremy Stein, a bipartisan group of senators is urging him to nominate a candidate with strong community bank experience.

“Nominating an individual with community banking or supervisory experience would ensure that future Federal Reserve actions and regulations are tailored and reflect a nuanced understanding of the regulatory and economic environment faced by community banks, and that the role that these institutions play in their communities and in our financial system is not diminished,” the senators wrote in their letter. “The Federal Reserve has a duty to protect and promote growth within the American economy, and a diverse range of perspectives on the Board of Governors will help the Federal Reserve incorporate all viewpoints and ensure that community banks remain an important component of our financial services delivery system. All communities – from the largest metropolitan areas, to exurban cities, to rural villages – deserve safe, unburdened, and fair access to a sound financial system.”

The letter was signed by Senators Angus King (I-Maine), Jon Tester (D-Mont.), Jerry Moran (R-Kan.), Mazie Hirono (D-Hawaii), Tom Coburn (R-Okla.), Mike Johanns (R-Neb.), Al Franken (D-Minn.), Tammy Baldwin (D-Wis.), Mark Begich (D-Alaska), Jeff Merkley (D-Ore.), Mary Landrieu (D-La.), Martin Heinrich (D-N.M.), Tom Udall (D-N.M.), and David Vitter (R-La.).


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