Bernanke Speech To Community Banks, From Afar

A speech is being delivered by Fed Chairman Ben Bernanke to community banks at the Independent Community Bankers of America National Convention and Techworld in Nashville, Tennessee.

This was a pre-recorded speech and Bernanke is talking up the importance of community banks.  Bernanke noted, “Their close ties to local economies are, on balance, a source of strength, but a drawback of those ties is that the fortunes of communities and their banks tend to rise and fall together.”

There is some economic frustration as well, “Like larger banks, community banks are also being affected by the state of the national economy. Despite some recent signs of improvement, the recovery has been frustratingly slow, constraining opportunities for profitable lending.”

FULL BERNANKE SPEECH