Senate Banking Committee Advances Federal Reserve Nominees

The Senate Banking Committee today voted 18-7 to advance the nomination of Michelle Bowman to fill the designated community bank seat on the Federal Reserve Board of Governors. Bowman — a fifth generation banker who 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 — will be the first person to fill the community bank seat since it was created by Congress during the Obama administration.

The committee also advanced by a 20-5 vote 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.

American Bankers Association President and CEO Rob Nichols applauded the votes and called on the full Senate to move quickly to confirm the two nominees. “Miki Bowman’s experience as a community banker will allow her to provide a critically important perspective as the Board of Governors continues to review the rules overseeing the nation’s banks. In addition, Rich Clarida’s strong understanding of monetary policy and financial markets – and real-world experience in the private sector – will serve him well as vice chairman,” Nichols said. “We urge the Senate to act quickly on their nominations, so Fed policymakers can benefit from a full range of voices and perspectives as they determine monetary and regulatory policies that are essential to economic growth.”