Community Bank Representation Act

HR 6554, the Community Bank Representation Act, creates a new "Community Bank Member" position on the Federal Reserve Board of Governors. This member must have primary experience in community banking and is tasked with developing policy recommendations and overseeing regulation for banks with less than $17 billion in assets. The bill also requires the Federal Reserve to annually adjust this $17 billion threshold using changes in nominal U.S. GDP. The new member must report semi-annually to relevant congressional committees on the Federal Reserve's regulatory efforts for community banks.