The Senate voted 48-46 today to confirm Federal Reserve Governor Michelle Bowman as vice chair for supervision. The position was previously filled by Fed Governor Michael Barr.
Bowman joined the Fed board in 2018 during President Trump’s first term in office. She was nominated by Trump earlier this year for vice chair for supervision. Appearing before the Senate Banking Committee for her nomination hearing in April, Bowman said that bank supervision must be “reformed and refocused” to better address core and material financial risks. She also said that regulations must be approached “in a pragmatic way that ensures they are efficient and effective.”
In a statement, American Bankers Association President and CEO Rob Nichols congratulated Bowman on her confirmation.
“With her deep experience as a federal regulator, state regulator and community banker, Governor Bowman understands the real-world impact U.S. banking rules can have on the economy and consumers,” Nichols said. “We applaud the president for nominating her and look forward to working together to develop a rational bank regulatory framework that preserves the commitment to safety and soundness that we all share, while giving banks of all sizes the chance to support their customers and communities and drive the U.S. economy forward.”
