WASHINGTON—The Senate Banking Committee has approved the nominations of Richard Clarida and Michelle Bowman to serve on the Federal Reserve Board.
In previous testimony before the committee, both stated their support for reducing the regulatory burden facing community-based financial institutions by better tailoring regulations, NAFCU noted.
The nominations now move to the full Senate.
Clarida, a Columbia University economist, has been nominated to serve as vice chairman of the board. Bowman, bank commissioner for the state of Kansas, has been nominated to fill the board's seat designated for a community banker or regulator of community banks.
If confirmed by the full Senate, two vacant seats will still remain on the Fed's seven-person board.