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Washington

Senate confirms Michelle Bowman to Fed Board

Michelle Bowman

The Senate confirmed Michelle Bowman to the Federal Reserve Board on Thursday, in a 64-34 vote, to represent the interests of community banks.

Ms. Bowman, who is the Kansas state bank commissioner and previously served as an executive at Farmers & Drovers Bank, will complete the remainder of a term that expires in January 2020. In 2014, Congress passed legislation that requires the Federal Reserve Board to have at least one member with community bank or community bank supervision experience. Allan Landon was nominated to fill the seat in 2015 but didn't receive a hearing.

The Senate Banking Committee approved Ms. Bowman's nomination in June.

In a statement after her confirmation, Sen. Jerry Moran, R-Kan., said Ms. Bowman will bring a unique and important perspective to the Fed. "Her distinguished leadership in the Kansas banking community, her experience as Kansas bank commissioner and her small-town Kansas roots will make her an exceptional member of the board," Mr. Moran said. "I look forward to working with Miki on issues that our consumers and community financial institutions face in rural America."

President Donald Trump has now nominated a person to fill each seat on the seven-member board. There are two vacancies. He previously nominated Marvin Goodfriend, whose nomination has been approved by the Senate Banking Committee but has yet to receive a full Senate vote, and Nellie Liang, who was nominated in September and has yet to receive a Senate hearing.

The Fed will meet on Dec. 18-19 and is expected to raise interest rates for the fourth time this year.