Federal Reserve Chairman Ben Bernanke said in a pre-recorded speech delivered at the convention of Independent Community Bankers of America that, despite the slow improvement of the US economy, American community banks are developing and getting stronger.
The remarks were broadcast on a video monitor at the convention of community bankers held earlier this week in Nashville. A similar speech was delivered a month ago in Arlington, Virginia.
Bernanke discussed several subjects of critical import to banking and federal regulations controlling the banking industry, including an attempt to counter criticism of the broad rebuilding of financial regulations which was instituted by Congress in 2010 which says that those regulations burden banks unnecessarily.
“We take quite seriously the importance of evaluating the costs and benefits of new rules,” Bernanke said.
Bernanke reassured the bankers that the new regulations are aimed mostly at blocking the threats which come from the biggest financial institutions to the US financial system, and are not directed at community banks.
“We will work to maintain a clear distinction between community banks and larger institutions in the application of new regulations,” Bernanke said.
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