WASHINGTON, D.C. – In advance of the Senate Budget Committee Hearing today with Federal Reserve Board Chair Janet Yellen on the country’s fiscal and economic outlook, U.S. Senator Angus King (I-Maine), a member of that committee, released the following statement:

“Community banks are as American as George Bailey, Uncle Billy, and Clarence. They are the very foundation of our Main Streets and the cornerstones of our small towns. When big financial institutions crumbled during the recession, community banks held firm, and when big banks encouraged upside-down mortgages, community banks offered fair lines of credit,” said King. “As we slowly find our way out of this economic recession, small business owners and American families will increasingly turn to their community banks to build their homes and send their children to college, which is why when the Federal Reserve makes changes to banking regulations, we need to ensure that they’re not left behind.”

Today, at 9:30 a.m., the Senate Budget Committee is holding a hearing on the U.S. fiscal and economic outlook. Janet Yellen, Chair of Federal Reserve Board, will testify. To watch live, click HERE.

In April, Senator King, along with a bipartisan group of his colleagues, urged President Obama to nominate a candidate to the Federal Reserve Board who has strong community bank experience. To read the letter, click HERE.

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