Cohn: President Close to Filling Community Bank Seat on Fed Board

The White House is close to naming a community banker to the Federal Reserve Board of Governors, National Economic Council Director Gary Cohn told the American Bankers Association’s Annual Convention this morning in Chicago. The candidate is currently receiving a federal background check, one of the final steps before the nominee can be announced.

“We’re going to fill the Fed seat for community banks,” Cohn said to applause. “We have someone that’s going through the FBI approval process and when they get through they’re going to be nominated.”

Noting that the personnel situation is “taking far longer than we thought it would,” Cohn urged the Senate to move on already-announced nominees for the OCC as well as commissioners on the Securities and Exchange Commission and the Commodity Futures Trading Commission. “We need to get the Senate to get our regulatory nominees approved,” he said “That will do more to help the regulatory process than anything else we can do.”