Federal, Regulation

State banking groups urge Obama to nominate community banker to Fed

126px-US-FederalReserveSystem-Seal.svg_3State banking associations and several other groups sent a letter to President Obama on Tuesday urging the president to nominate a community banker to serve on the Federal Reserve Board of Governors.

The letter was signed by all 50 state banking organizations, as well as the Illinois League of Financial Institutions, Heartland Community Bankers Association and Puerto Rico Bankers Association.

“The participation of someone on the Board with this important background will help to ensure that the Federal Reserve fulfills its full set of responsibilities,” the groups said. “Community banks are committed to the growth of their communities, prospering as their customers prosper. We offer our request and recommendation in view of our shared desire for economic growth that reaches to all parts of our nation, and in the recognition that community banks are fundamental to achieving that growth.”

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