United States President Donald Trump has nominated Federal Reserve Governor Michelle Bowman as its vice chair for supervision, after previous chair Michael Barr’s resignation.
Bowman was previously the state bank commissioner of Kansas, and vice president of Kansas’ Farmers & Drovers Bank. She has criticised banking regulations, including refusing to support a 2023 plan that would require banks to hold more capital.
“I am pleased to announce that Michelle ‘Miki’ Bowman will be the Federal Reserve’s new Vice Chair of Supervision,” Trump wrote on Truth Social. “Our Economy has been mismanaged for the past four years, and it is time for a change. Miki has the “know-how” to get it done. I am confident we will achieve Economic heights never before seen in our Nation’s History.”
The American Bankers Association has backed Bowman’s nomination. “We applaud President Trump’s nomination of Governor Michelle Bowman to serve as the Federal Reserve’s next vice chair for supervision, and we urge the Senate to quickly confirm her so she can take on the additional responsibilities that come with this important role,” it said.
Previous vice chair for supervision Barr left the role last month to avert a potential legal dispute with Trump over his replacement, though he continues to serve as a Federal Reserve Governor. Trump had planned to remove Barr as vice chair, despite Barr’s term being scheduled to expire in July 2026.
Barr had introduced a 2023 proposal known as the Basel III Endgame rule, which would have required banks to hold greater capital and restructured major banks’ risk assessment processes. Bowman voted against the policy, and has said the capital burden should instead be reduced.
Bowman has also disagreed with any further interest rate cuts, saying in December that they would not be necessary.
Her nomination will be submitted for Senate confirmation. Senate Banking Committee chair Tim Scott is supporting her nomination, saying: “Governor Michelle Bowman has been an important voice on the Federal Reserve Board in pushing back on burdensome rules and regulations that stifle economic opportunity.”
Bowman has also served as counsel to the House Committees on Transportation & Infrastructure and Government Reform & Oversight, as well as a policy adviser to then-Homeland Security Secretary Tom Ridge.
Trump also said today that he would appoint Republic Airways CEO Bryan Bedford to lead the Federal Aviation Administration.
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