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Illinois Members of Congress Oppose Fed Reserve Bank Stock Dividend Cut

Illinois Congressman Bill Foster (D-11) is leading a bipartisan letter to leadership of the United States House of Representatives opposing a proposal that would reduce dividend payments on required Federal Reserve Bank stock by 75% until there is greater examination of the issue and an understanding of the implications of such a statutory change on the banking system. A total of 151 U.S. House members have signed this October 20, 2015 letter, including Illinois’ Randy Hultgren (R-14), Mike Quigley (D-05), Bob Dold (R-10), Danny Davis (D-07), Robin Kelly (D-02), and Rodney Davis (R-13). CBAI thanks Congressman Foster and the other co-signing members of the Illinois Congressional delegation for their leadership on this issue. Read Congressional Letter.

On October 9, 2015, CBAI joined a coalition of 43 state banking associations to express their opposition to the Fed dividend cut. Read Coalition Letter.