The Federal Reserve’s independence may rest in the hands of people like Ralph Larry Lyons, chief executive officer of Central Virginia Bankshares Inc., with assets of $473 million.
Lyons is among the hundreds of community bankers lobbying Congress to keep the Fed as their regulator. A bill sponsored by Senate Banking Committee Chairman Christopher Dodd of Connecticut would limit the Fed’s authority to 36 of the country’s largest banks, those with assets of at least $50 billion, tying the Fed nameplate to firms such as Goldman Sachs Group Inc. and JPMorgan Chase & Co.
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