President Donald Trump has nominated Federal Reserve Governor Michelle (Miki) Bowman to be the Fed’s subsequent vice chair of supervision.
Trump introduced the choice Monday (March 17) in a publish on Reality Social.
“Miki has been serving honorably on the Fed’s Board of Governors since 2018, and has nice experience coping with Inflation, Regulation and Banking,” Trump wrote within the publish. “Our Economic system has been mismanaged for the previous 4 years, and it’s time for a change. Miki has the ‘know-how’ to get it executed.”
It was reported March 11 that Bowman was the front-runner to change into the subsequent vice chair for financial institution supervision and March 12 that Trump deliberate to nominate her to the publish.
Bowman was appointed to her present function on the Federal Reserve by Trump in 2018.
The place of vice chair of supervision was beforehand held by President Joe Biden’s appointee, Michael Barr, who gave up the seat in February to keep away from a political and authorized battle with Trump allies who wished to take away him from the place.
Bowman typically opposed Barr’s regulatory agenda.
In a assertion launched Monday, Bowman mentioned she seems to be ahead to working along with her counterparts in different businesses and her board colleagues to “help a rising U.S. economic system and prosperity for all Individuals.”
“If confirmed, I’ll promote a secure and sound banking system by a realistic method to supervision and regulation with a clear and tailor-made financial institution regulatory framework that encourages innovation,” Bowman mentioned within the assertion. “I’ll leverage my hands-on expertise as a banker, a financial institution regulator and a Board Member to handle the challenges forward.”
Home Monetary Providers Committee Chairman French Hill, R-Ark., issued a assertion Monday saying that he applauds the nomination and that he had beforehand expressed his help for Bowman to tackle the brand new function.
“I’m assured she is going to convey sturdy management in her new function as Vice Chair for Supervision,” Hill mentioned within the assertion. “I look ahead to working with Miki on insurance policies that help on a regular basis Individuals and companies like reevaluating Basel III Endgame and reexamining the supervision and examination insurance policies of the board.”
Senate Banking Committee Chairman Tim Scott, R-S.C., mentioned in a Monday assertion that Bowman has been an necessary voice in “pushing again on burdensome guidelines and rules.”
“I’ve lengthy referred to as for extra accountability on the Federal Reserve, and I’m hopeful that Governor Bowman will assist enhance transparency across the regulatory and supervisory work of the Board,” Scott mentioned within the assertion. “As a former group banker and state regulator, she brings a singular skillset and perspective to the function of Vice Chair for Supervision.”
As this was written, the rating members of the 2 committees had not posted their responses to the nomination on their official websites, the committee websites or X.
