families, and provides the means for small businesses to start and to thrive, which is so important to the health of communities. this is not an abstract notion for me. as a community banker, i have seen how access to credit and support from a financial institution with deep roots in a community can make a direct and immediate difference in people ’ s lives. i continued to feel that way when i did the job you do, as a state banking commissioner, helping ensure that families and communities have access to financial services that are so important to their success. i enjoyed being a community banker, and i hope you know i ’ ve enjoyed working closely with all of you as a banking commissioner, and i now look forward to building a stronger partnership between all of you and the federal reserve board. thank you for the opportunity to speak to you today. i hope to see you soon in your states, and i wish you a productive and enjoyable visit to washington. 1 my views are my own and do not represent the view of the board of governors or its other members. 2 federal reserve system, conference of state bank supervisors, and the federal deposit insurance corp., 2018 community banking in the 21st century ( pdf ) ( research and policy conference, october 3 - 4, 2018 ). 3 pub. l. no. 115 – 174, 132 stat. 1296 ( 2018 ). 4 u. s. small business administration, office of advocacy, frequently asked questions about small business ( pdf ) ( august 2018 ). 4 / 4 bis central bankers'speeches

banking issues and trends. let me pause here for a moment and say that improving communication doesn ’ t necessarily mean that the federal reserve and the csbs members will always agree. we won ’ t, and perhaps we shouldn ’ t. a diversity of views can be a strength. a robust discussion requires a thorough analysis of differing views, which leads to a more informed understanding of issues. this healthy give and take is the fourth reason for better communication : it leads to better outcomes. i will cite one example that i know is on the minds of many of you — the rulemaking process the agencies are currently engaged in on the community bank leverage ratio ( cblr ). here is an excellent example of where it makes good sense to consult closely. i know you have a lot of knowledge and expertise to bring to bear on this issue, which helps explain why congress has required the agencies to consult with the states. as you know, the fed and the other agencies are now gathering and evaluating comments on the cblr and getting feedback on this interagency proposal. so, now is a good time to re - engage. i am committed to re - engaging with you on the interagency proposal and ways we might be able to improve it. i am eager to hear your thoughts. i have one more reason for better communication, but first i will give you an idea of what i have in mind for that consultation. the formal means by which csbs and others comment on a rulemaking is important, but i think we would also all benefit from more informal, and more frequent contact. if you have an issue, if you have something to say, just pick up the phone. it is also my intention to be on the road a lot, visiting federal reserve districts and talking to bankers, consumers, and community groups. when i come to your state, i hope to see you, and i promise to make time to talk. 3 / 4 bis central bankers'speeches my final reason for better communication brings me back to a point i made at the outset : the united states needs a strong community - banking sector. we need strong community banks because they help support strong communities. strong communities are the building blocks of a strong nation. they provide safety, education and economic opportunities, and help define the values we hold dear. community banks are vital to the success of communities. they help us save and plan for a better future. the credit they extend helps preserve farming as a way of life for american