President Obama Signs CBAI Supported Law Requiring Community Bank Presence on the Fed Board

CBAI applauds President Obama for signing into law legislation that would require the White House to appoint someone with community banking experience to the Federal Reserve Board. This provision was included in the Terrorism Risk Insurance Act (“TRIA”) and would specifically require that at least one member of the Federal Reserve Board have experience as a community banker or community bank supervisor. TRIA was supported by a wide bi-partisan majority, passing the House by a vote of (416-5) and the Senate by (93-4). The entire Illinois Congressional delegation voted in favor of TRIA (with the exception of Congresswoman Duckworth who is on maternity leave).