Trump nominates Fed Governor Michelle Bowman as vice chair for supervision
President Trump Nominates Michelle Bowman as Top Federal Reserve Regulator
President Donald Trump has nominated Federal Reserve Governor Michelle Bowman to the central bank’s top regulatory post, where she is expected to oversee a more relaxed approach to rule-writing and bank oversight.
Bowman, a former community banker and critic of overzealous bank regulation, is set to replace Michael Barr in the supervision post. Barr stepped down to avoid a potential legal dispute with the Trump administration.
Trump expressed confidence in Bowman’s abilities, stating, “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.”
If confirmed, Bowman will be responsible for the Fed’s bank regulatory portfolio, including supervising and writing rules for many of the nation’s largest banks.
Her nomination has received praise from the banking industry and congressional Republicans for her efforts to resist tougher industry rules.
Rob Nichols, head of the American Bankers Association, commended Bowman for her thoughtful and principled approach to regulatory and monetary policy.
Bowman, who has been on the Fed board since 2018, is expected to bring a lighter regulatory touch compared to Barr. She has criticized Barr’s rulemaking projects in multiple speeches over the past 18 months.
Despite her limited experience with global banks, Bowman is positioned to be one of the top bank regulators in the US and globally, overseeing the nation’s largest and most complex lenders.
Bowman’s background as a former Kansas banking regulator and her experience in community banking make her a suitable candidate for the role.
She has advocated for transparency and predictability in the Fed’s annual big bank stress tests, suggesting ways to improve the process for lenders.
Prior to joining the Fed, Bowman served as the state bank commissioner of Kansas and worked in various roles in the banking and government sectors.
