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Wednesday, August 10, 2011 - 4:43am

Congress To Hold Georgia Bank Failure Hearing

The proliferation of bank failures in Georgia has drawn the attention of Congress.

The House Financial Services Committee's Subcommittee on Financial Institutions and Consumer Credit will host a hearing in Newnan on Aug. 16. U.S. Rep. Lynn Westmoreland says the hearing will focus on the impact regulations may be having on community banks.

The hearing will take place at the Coweta County Performing Arts Center and is set to begin at 9 a.m.

Since 2008, Georgia has led the nation in bank failures.

Westmoreland, a Republican, says the bank crashes have hampered Georgia's ability to recover from the recession by drying up needed credit. The hearing will include federal regulators and representatives of community banks.