WASHINGTON—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.
“I would like to express my thanks to President Trump for nominating me as the vice chair for Supervision. I am grateful for the continued faith and confidence he has placed in me to fulfill this vital role,” said Bowman in a statement. “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. 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.”
“ICBA has long been a strong supporter of Governor Michelle Bowman and congratulates her on her nomination to serve as vice chair for supervision at the Fed,” said ICBA President and CEO Rebeca Romero Rainey, in a statement. “Governor Bowman has championed regulations that prioritize safety and soundness, pragmatic oversight that ensures proposed reforms clearly target stresses in the financial system, and rules that meticulously follow administrative procedures to maximize transparency and avoid confusion that can hinder access to credit. We look forward to continuing to work closely with Governor Bowman on important regulatory issues affecting community banks and the local communities they serve.”