trending Market Intelligence /marketintelligence/en/news-insights/trending/LUw22AaF8kvxa6JSrtu42Q2 content esgSubNav
In This List

Trump team weighs Bank of the West, MainStreet Bancshares execs for Fed seat

Podcast

Street Talk | Episode 94: Recessionary fears in ’22 overblown, Fed could overtighten

Blog

Insight Weekly: Ukraine war impact on mining; US bank growth slowdown; cloud computing headwinds

CASE STUDY

Deep Market Intelligence Helps a Credit Union Craft a Successful Expansion Plan

Blog

Global M&A By the Numbers: Q1 2022


Trump team weighs Bank of the West, MainStreet Bancshares execs for Fed seat

U.S. President Donald Trump's advisers are considering Bank of the West's co-founder, vice chairman and CFO Cynthia Blankenship to fill the seat assigned for a community banker on the Federal Reserve Board, Bloomberg reported Jan. 20, citing "three people familiar with the matter."

In addition, the advisers are considering Jeffrey Dick, chairman and CEO of Fairfax, Va.-based MainStreet Bancshares, Inc. and Arkansas Rep. French Hill. The Wall Street Journal previously reported that David Nason, GE Energy Financial Services CEO was also among the candidates for the Federal Reserve vice chairmanship.

Blankenship and Dick had meetings with the president's team and filled detailed questionnaires, the sources told the news outlet.

Blankenship, who has worked at the Grapevine, Texas-based bank since 1985, has often represented the bank and the industry's interests in Washington, including testifying at hearings on Capitol Hill. She has also served as a director of the Independent Community Bankers of America.

Dick, who worked at the Office of the Comptroller of the Currency, was also an adviser to the U.K. Financial Services Authority.

The Federal Reserve board traditionally has a community banker or supervisor. That role is vacant since the retirement of Governor Elizabeth Duke in August 2013, as the Senate never confirmed President Barack Obama's pick, former CEO Bank of Hawaii Corp. Allan Landon.

The news outlet noted that Blankenship and a spokesperson for Hill declined to comment, while Dick did not respond to requests for comment.