Bill > HR6554

This bill, titled the Community Bank Representation Act, amends the Federal Reserve Act to enhance the role of a specific member of the Board of Governors of the Federal Reserve System who has experience working in or supervising community banks. The key provisions include requiring the Chairman of the Board to select this member to develop policy recommendations and oversee the supervision and regulation of banking organizations with less than $17 billion in total assets, in consultation with the Vice Chairman for Supervision and any other board member with similar community bank experience. This designated member, if different from the Vice Chairman for Supervision, will also be required to report semi-annually to Congressional committees on the Board's efforts regarding the supervision and regulation of these smaller banking organizations. Furthermore, the bill mandates an annual adjustment to the asset threshold for these community banks, currently set at $17 billion, based on the increase in the nation's nominal gross domestic product (GDP), with the Bureau of Economic Analysis providing the GDP statistics. This aims to ensure that the definition of a community bank subject to these specific oversight provisions remains relevant over time.

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