Community Bank Representation Act

This Act may be cited as the Community Bank Representation Act.
Section 10 of the Federal Reserve Act is amended—
in the first undesignated paragraph (12 U.S.C. 241), by striking having less than $10,000,000,000 in total assets;
in the second undesignated paragraph (12 U.S.C. 242), by inserting after regulation of such firms. the following: The Chairman shall select one member of the Board with demonstrated primary experience working in or supervising community banks to, in consultation with the Vice Chairman for Supervision and any other member of the Board with demonstrated primary experience working in or supervising community banks, develop policy recommendations for the Board regarding supervision and regulation of banking organizations supervised by the Board having less than $17,000,000,000 in total assets, and to oversee the supervision and regulation of such banking organizations in consultation with the Vice Chairman for Supervision and any other member of the Board with demonstrated primary experience working in or supervising community banks.;
in paragraph (12) (12 U.S.C. 247b)—
by striking The Vice Chairman for Supervision and inserting the following:
The Vice Chairman for Supervision
by striking and at and inserting at; and
by adding at the end the following:
The member of the Board with demonstrated primary experience working in or supervising community banks selected by the Chairman to develop policy recommendations for the Board regarding supervision and regulation of banking organizations supervised by the Board having less than $17,000,000,000 in total assets, and to oversee the supervision and regulation of such banking organizations, if different than the Vice Chairman for Supervision, shall appear before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives at semi-annual hearings regarding the efforts, activities, objectives, and plans of the Board with respect to the conduct of supervision and regulation of banking organizations supervised by the Board having less than $17,000,000,000 in total assets.
by adding at the end the following:
At the end of each year for which the nominal gross domestic product of the United States increases (a covered year), the Board shall adjust each dollar figure described in the second undesignated paragraph of this section, paragraph (12)(B) of this section, and section 1004(a)(3) of the Federal Financial Institutions Examination Council Act of 1978 by a percentage equal to the percentage increase (if any) between—
the nominal gross domestic product of the United States for the year, during the preceding 5 years, with respect to which the nominal gross domestic product of the United States was the highest; and
the nominal gross domestic product of the United States for the covered year.
In this paragraph, the Board shall use nominal gross domestic product statistics determined by the Bureau of Economic Analysis.
Section 1004(a)(3) of the Federal Financial Institutions Examination Council Act of 1978 (12 U.S.C. 3303(a)(3)) is amended by adding at the end the following: and such Governor shall consult with the Governor with demonstrated primary experience working in or supervising community banks selected by the Chairman of the Board to develop policy recommendations for the Board regarding supervision and regulation of banking organizations supervised by the Board having less than $17,000,000,000 in total assets, and to oversee the supervision and regulation of such banking organizations,.