WASHINGTON — The House Financial Services Committee plans to investigate bank regulators' oversight of small community banks, which lawmakers criticized as overly aggressive.
The panel unanimously voted Thursday to examine the process that the Federal Deposit Insurance Corp. uses to supervise community banks and close failing ones.
Both Republicans and Democrats on the committee said they have heard complains that regulators are being overly aggressive in forcing banks to write down failing loans.
"The FDIC is truly a boot on the necks of our banks right now," said Rep. Blaine Luetkemeyer, R-Mo.
The vote came in an amendment to the committee's oversight plan for 2011. It was sponsored by Rep. Lynn Westmoreland, R-Ga.
It came as lawmakers pledged to take a close look at the activities of regulators as they put the Dodd-Frank financial overhaul into place.
The House Financial Services Committee's new Republican majority is not moving to repeal the controversial law, opposed by most Republicans. Instead, they say they aim to change parts of the act that are not working well.
