Bill > HR6554

This bill amends the Federal Reserve Act to establish new responsibilities for a Board of Governors member with demonstrated experience in community banking. Specifically, the bill requires the Federal Reserve Chairman to select one Board member with primary experience in community banks to develop policy recommendations and oversee supervision of banking organizations with less than $17 billion in total assets. This designated community bank member would be required to appear before the Senate Banking Committee and House Financial Services Committee semi-annually to discuss supervision and regulation efforts for smaller banks. The bill also introduces an annual adjustment mechanism where dollar figures related to bank asset thresholds would be automatically updated based on changes in the nominal gross domestic product (GDP), as determined by the Bureau of Economic Analysis. Additionally, this community bank-focused Board member would be required to be consulted on certain financial institution examination matters. The legislation aims to ensure that smaller community banks have a dedicated advocate and focused representation at the highest levels of financial regulatory oversight.

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https://www.congress.gov/bill/119th-congress/house-bill/6554/all-info