WASHINGTON—The Senate Banking Committee has advanced the nomination of Federal Reserve Governor Michelle Bowman to serve a full 14-year term. Bowman's current term is set to expire Jan. 31.
Bowman – a former bank commissioner for the state of Kansas – is the first Fed governor to fill a spot designated for someone with community banking experience. During her first nomination hearing, she offered support for reducing the regulatory burden facing community-based financial institutions by better tailoring regulations.
The committee also advanced the nominations of Paul Shmotolokha as vice president of the Export-Import Bank, Allison Lee as commissioner of the Securities and Exchange Commission, Thomas Feddo as assistant secretary for investment security at the Treasury Department and Ian Steff to be assistant secretary at the Commerce Department.