President Trump today nominated Federal Reserve Governor Michelle Bowman to be the Fed’s vice chair for supervision. If confirmed by the Senate, Bowman will succeed Fed Governor Michael Barr, who recently stepped down from the position. The announcement was made through Trump’s Truth Social account.
The Dodd-Frank Act in 2010 created the requirement that the president designate a vice chair for supervision to develop policy recommendations. Bowman was first appointed to the Fed board in 2018 during Trump’s first term. A former banker and Kansas state bank commissioner, Bowman has been critical of some of the policies advanced by banking regulators during the Biden administration. In a speech in January, she called for a more restrained approach to bank regulation based on three principles: prioritization of safety and soundness, a re-commitment to regulatory tailoring and increased transparency.
“If confirmed, I 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,” Bowman said in a statement after the announcement. “I will leverage my hands-on experience as a banker, a bank regulator and a board member to address the challenges ahead.”
In a statement, American Bankers Association President and CEO Rob Nichols urged senators to quickly confirm Bowman’s nomination.
“Since joining the Fed, Governor Bowman has been a thoughtful, principled voice for sensible regulatory and monetary policy and someone who understands the important role that banks of all sizes play in our financial system and our economy,” Nichols said. “Her prior experience as a community banker and state regulator brings a much-needed real-world perspective to a wide range of policy issues facing our industry, including the need to ensure that all market participants have a level playing field.”
