H.R. 6554

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6554 Reported in House (RH)]

<DOC>

Union Calendar No. 458
119th CONGRESS
2d Session
H. R. 6554

[Report No. 119-533]

To amend the Federal Reserve Act to specify additional responsibilities 
of the member of the Board of Governors of the Federal Reserve System 
who was appointed as the member with experience working in or 
supervising community banks, and for other purposes.

_______________________________________________________________________

IN THE HOUSE OF REPRESENTATIVES

December 10, 2025

Ms. De La Cruz introduced the following bill; which was referred to the 
Committee on Financial Services

February 25, 2026

Additional sponsors: Mr. Williams of Texas, Mr. Sessions, and Mr. Nunn 
of Iowa

February 25, 2026

Reported with an amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be printed
[Strike out all after the enacting clause and insert the part printed 
in italic]
[For text of introduced bill, see copy of bill as introduced on 
December 10, 2025]

_______________________________________________________________________

A BILL

To amend the Federal Reserve Act to specify additional responsibilities 
of the member of the Board of Governors of the Federal Reserve System 
who was appointed as the member with experience working in or 
supervising community banks, and for other purposes.

Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Community Bank Representation Act''.

SEC. 2. COMMUNITY BANK MEMBER OF THE BOARD OF GOVERNORS.

(a) Federal Reserve Act.--Section 10 of the Federal Reserve Act is 
amended--
(1) in the first undesignated paragraph (12 U.S.C. 241), by 
striking ``having less than $10,000,000,000 in total assets'';
(2) 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.'';
(3) in paragraph (12) (12 U.S.C. 247b)--
(A) by striking ``The Vice Chairman for 
Supervision'' and inserting the following:
``(A) Vice chairman for supervision.--The Vice 
Chairman for Supervision'';
(B) by striking ``and at'' and inserting ``at''; 
and
(C) by adding at the end the following:
``(B) Community bank member.--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.''; and
(4) by adding at the end the following:
``(13) Member of the board for community banks annual 
threshold adjustment.--
``(A) In general.--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--
``(i) 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
``(ii) the nominal gross domestic product 
of the United States for the covered year.
``(B) Determination of gdp.--In this paragraph, the 
Board shall use nominal gross domestic product 
statistics determined by the Bureau of Economic 
Analysis.''.
(b) Federal Financial Institutions Examination Council Act of 
1978.--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,''.
Union Calendar No. 458

119th CONGRESS

2d Session

H. R. 6554

[Report No. 119-533]

_______________________________________________________________________

A BILL

To amend the Federal Reserve Act to specify additional responsibilities 
of the member of the Board of Governors of the Federal Reserve System 
who was appointed as the member with experience working in or 
supervising community banks, and for other purposes.

_______________________________________________________________________

February 25, 2026

Reported with an amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be printed