President Donald Trump said he will nominate Michelle Bowman as the Federal Reserve’s vice chair for supervision.
Bowman, who has served as a governor on the Fed board since 2018, would replace Michael Barr in that role. Barr stepped down Feb. 28 as vice chair for supervision but remains on the Fed board.
In a March 17 social media post, Trump said Bowman, whom he referred to as “Miki,” has been “serving honorably on the Fed’s Board of Governors since 2018, and has great expertise dealing with Inflation, Regulation, and Banking. Our Economy has been mismanaged for the past four years, and it is time for a change. Miki has the ‘know-how’ to get it done. I am confident we will achieve Economic heights never before seen in our Nation’s History. Congratulations Miki!”
The Fed’s vice chair for supervision is responsible for developing policy recommendations for the Fed board regarding supervision and regulation of depository institutions, holding companies and other financial firms supervised by Fed, according to the Fed’s website.
In a statement, Bowman, who previously served as the Kansas state bank commissioner, said if she’s confirmed, she will “promote a safe and sound banking system through a pragmatic approach to supervision and regulation with a transparent and tailored bank regulatory framework that encourages innovation. I will leverage my hands-on experience as a banker, a bank regulator and a board member to address the challenges ahead.”
Congressional Republicans welcomed her nomination.
“As a former community banker and state regulator, she brings a unique skill set and perspective to the role of vice chair for supervision,” said Senate Banking Committee Chair Tim Scott, R-S.C., in a statement. “There is significant work ahead to right size our regulatory framework and remove politics from our federal financial regulators.”
