President Trump yesterday announced the nomination of Michelle Bowman to fill the designated community bank seat on the Federal Reserve Board of Governors — the first time the position has been filled since it was created by Congress during the Obama administration. A fifth-generation banker, Bowman held a senior role at Farmers and Drovers Bank in Council Grove, Kan., for more than six years prior to assuming her current role as Kansas Bank Commissioner in 2017.
“It’s essential to have someone on the Federal Reserve Board with community banking experience, and President Trump made an excellent choice in Miki Bowman,” said ABA President and CEO Rob Nichols said. “Her background both as a fifth generation banker and a state regulator in Kansas will provide the Federal Reserve with valuable perspective as the Board sets monetary and regulatory policy.”
Trump also announced the nomination of economist and monetary policy specialist Richard Clarida to serve as Federal Reserve vice chairman. Clarida is currently a global strategic advisor at Pimco, an American investment firm, and previously served as assistant Treasury secretary for economic policy under the George W. Bush administration.
“Rich Clarida is an ideal choice to serve as vice chairman. He is a widely respected economist with a keen understanding of monetary policy and financial markets,” Nichols said. “As a former colleague of mine in the Treasury Department, I also know Rich is a dedicated public servant who will work well with his Board colleagues.” Nichols urged the Senate to advance both nominations swiftly.