Texas Bankers Applauds Hutchison’s Amendment
The U.S. Senate approved, by a vote of 90-9, a TBA-supported amendment introduced by U.S. Sens. Kay Bailey Hutchison (RTX) and Amy Klobuchar (D-MN) that ensures that the Federal Reserve keeps its oversight authority over state member banks. This amendment will guarantee the Federal Reserve’s continued ability to fully understand small and mid-sized institutions and the communities they serve.
“Texas bankers have a good working relationship with the Texas Department of Banking, and this amendment ensures that this mutually beneficial relationship continues in the future,” said TBA Chairman Jeff Austin III, vice chairman of Austin Bank, Texas N.A. in Jacksonville.
In announcing the amendment’s passage, Sen. Hutchison noted that, “the Federal Reserve needs insight to the health of our banking system and economy as a whole. Community banks are vitally important components of our banking system and economy.”
TBA and its member bankers have worked with Sen. Hutchison and her staff on this and a number of amendments to the Regulatory Restructuring legislation being considered this week by the U.S. Senate. While we remained opposed to the underlying bill, we are diligently working to make improvements to minimize its potential regulatory costs and threats to Texas bank competitiveness.