Congresswoman Monica De La Cruz of Texas’ 15th District has introduced the Community Bank Representation Act, a bill aimed at expanding the responsibilities of the community bank representative on the Federal Reserve Board.
De La Cruz stated, “Community banks are the lifeline of our main streets, providing access to capital and partnerships that help small businesses thrive. My Community Bank Representation Act will ensure that banks of all sizes have a seat at the decision-making table, empowering them to put forward solutions to the challenges facing the community banking sector.”
The Independent Bankers Association of Texas has expressed support for this legislation. Christopher Williston, President and CEO of the association, said, “Congress was intentional in providing a seat for a community banker on the Federal Reserve Board. The Community Bank Representation Act ensures that the seat is given due authority to guide FRB policy when it comes to the oversight of community banks. Thank you to Representative Monica De La Cruz for introducing the Community Bank Representation Act to protect and advance Congress’s intent to give community banks a strong voice in financial regulation.”
The proposed legislation would allow the community bank representative on the Federal Reserve Board (FRB) to oversee supervision and regulation of community banks, make policy recommendations to the FRB, testify twice annually before relevant Congressional committees, and consult with an FRB Governor serving on the Federal Financial Institutions Examination Council.
Monica De La Cruz currently serves as U.S. Representative for Texas’ 15th district after replacing Vicente Gonzalez in 2023. She won her seat by defeating Michelle Vallejo in both 2022 and 2024 general elections.
