Community Bank Representation Act
Congress Would Require a Fed Board Member to Lead Oversight of Smaller Banks Under $17 Billion
Legislative Progress
Key Points
- Makes the Federal Reserve Chair pick a Board member with community bank experience to lead work on smaller-bank oversight.
- Applies to banks the Federal Reserve supervises with less than $17 billion in total assets, replacing an older $10 billion cutoff.
- Requires that community-bank-focused Board member to report to Congress twice a year on plans and results for supervising smaller banks.
- Automatically raises the $17 billion cutoff over time when the U.S. economy grows, so the definition keeps up with inflation and growth.
- Adds a requirement for coordination with another federal bank oversight group so community bank concerns are included in joint decisions.
Impact Analysis
Personal Impact
How this policy affects specific groups of people
Milestones
Placed on the Union Calendar, Calendar No. 458.
The bill is now on the schedule for the full chamber to consider. It's in line for debate and a vote.
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-533.
Ordered to be Reported (Amended) by the Yeas and Nays: 29 - 22.
The committee approved this bill and is sending it to the full chamber for a vote. This is a significant step — most bills never get this far.
Committee Consideration and Mark-up Session Held
Committee Consideration and Mark-up Session Held
Votes
No votes have been recorded for this legislation yet.
Related News
4 articlesMemo to HFSC: Views on Legislation for the December 16 – 17, 2025, Full Committee Markup
ABA memo includes a section on H.R. 6554 (Community Bank Representation Act), describing expanded community-bank role on the Fed Board and the <$17B threshold indexed to nominal GDP.
Letter to House Leaders Ahead of Markup of ICBA-Supported Bills
ICBA urges House Financial Services Committee members to advance H.R. 6554, the Community Bank Representation Act, among other community-bank-focused bills.
House panel advances five ICBA-supported bills
Covers House Financial Services Committee action advancing multiple bills; specifically notes H.R. 6554 would raise the asset threshold for the community bank seat on the Fed Board.
Source Information
Document Type
Congressional Bill
Official Title
Community Bank Representation Act
Data Sources
Sponsor
Cosponsors
(3)Analysis generated by AI. Always verify with official sources.