U.S. SENATE — Today, U.S. Senator Martha McSally (R-AZ) highlighted the importance of community banks in Arizona communities.
During a U.S. Senate Committee on Banking, Housing and Urban Affairs nomination hearing, McSally asked Federal Reserve Board member and nominee Michelle “Miki” Bowman about the issues community banks are currently facing and how the Board is working to ensure any reforms are properly tailored.
“Community banks are really vital to us in Arizona by extending credit and other services to especially small businesses,” said McSally. “They really reach a lot of rural and underserved populations that are critical for our economy and continuing to support people that I represent. And we really feel their presence along the border of the importance of community banks, and when they close the impact is severe.”
McSally asked: “Can you walk me through some of the problems you see that community banks are currently facing, even with some of the reforms and adjustments we’ve made, and what the Federal Reserve is doing to make sure that regulations are properly tailored?”
Federal Reserve Board member and nominee Michelle Bowman responded: “Community banks are clearly important to our community, to our businesses, our families, and our communities. Let me first say that one of the first priorities for the Federal Reserve Board is to implement the provisions of S. 2155, so through my chairmanship of the Smaller Regional and Community Bank subcommittee at the Federal Reserve we’re working very diligently to finalize the CBLR, the Community Banking Leverage Ratio proposal, which simplifies capital requirements for community banks.”
Click HERE to watch McSally’s questioning.
On May 16, McSally pressed leaders of key banking regulatory agencies on their inability to improve their enforcement of anti-money laundering rules to protect Arizona businesses and efficiently combat criminal activity.
McSally supported companion legislation for S. 2155, The Economic Growth, Regulatory Relief, and Consumer Protection Act, in the U.S. House of Representatives during the 115th Congress.
Governor Bowman was confirmed to a term on the Federal Reserve Board in November 2018. The President nominated her to a new, 14-year term last month. Bowman is the only woman on the Board and resides in the seat designated for an individual with community banking experience.