On the recordMay 12, 2010
this is an amendment that reinstates the Federal Reserve as the prudential regulator for small holding companies and State-chartered banks. The State-chartered banks and the community banks have asked to retain the capability to be members of the Fed. They want their input into monetary policy. Over half of the Federal Reserve Bank presidents have also weighed in, saying this is essential. For instance, in the Dallas Fed it would go from over 500 regulated banks and bank holding companies to 1 or 2. Only the biggest banks would be heard.
Source
govinfo.gov
