The U.S. Senate confirmed Federal Reserve Governor Michelle Bowman to serve as the central bank’s Vice Chair for Supervision on Wednesday in a 48-46 vote.
Bowman replaces Michael Barr, who resigned in January from that role, but remains a member of the Federal Reserve Board.
“The Federal Reserve’s Vice Chair for Supervision plays a critical role in safeguarding our banking system and ensuring a prosperous economy. During the previous administration, we saw the negative impacts of poor direction in the position, which is why I called on the Trump administration to quickly fill the role and restore accountability at the Federal Reserve. I look forward to working with Vice Chair Bowman to increase transparency in financial regulation, right-size our regulatory framework, and protect access to credit for hardworking Americans,” Sen. Tim Scott, chair of the Senate Financial Services Committee, said.
Bowman has been a member of the Fed’s Board of Governors since 2018. Prior to that, Bowman served as the state bank commissioner of Kansas from January 2017 to November 2018. Before that, she served as vice president of Farmers & Drovers Bank in Kansas from 2010 to 2017.
Further, Bowman worked in Washington, D.C. for Sen. Bob Dole of Kansas from 1995 to 1996 and worked as counsel to the U.S. House Committee on Transportation and Infrastructure and the Committee on Government Reform and Oversight between 1997 and 2002.
Also, in 2002, Bowman became director of congressional and intergovernmental affairs at the Federal Emergency Management Agency. Then from 2003 to 2004, she served as Deputy Assistant Secretary and policy advisor to Homeland Security Secretary Tom Ridge. She also led a government and public affairs consultancy based in London.
Bowman received a BS in advertising and journalism from the University of Kansas and a JD from the Washburn University School of Law.
The confirmation was applauded by several groups, including the American Bankers Association (ABA).
“With her deep experience as a federal regulator, state regulator and community banker, Governor Bowman understands the real-world impact U.S. banking rules can have on the economy and consumers. We applaud the president for nominating her and look forward to working together to develop a rational bank regulatory framework that preserves the commitment to safety and soundness that we all share, while giving banks of all sizes the chance to support their customers and communities and drive the U.S. economy forward,” ABA President and CEO Rob Nichols said.
The Independent Community Bankers of America (ICBA) also voiced their support for the appointment of Bowman to the position.
The Independent Community Bankers of America (ICBA) congratulated Federal Reserve Governor Michelle Bowman on today’s Senate vote confirming her ICBA-advocated nomination to serve as Fed vice chair for supervision.
“As a strong proponent of regulations that prioritize safety and soundness, pragmatic oversight that targets stresses in the financial system, and rules that meticulously follow administrative procedures, Governor Bowman will be an asset in leading the Fed’s banking oversight,” ICBA President and CEO Rebeca Romero Rainey said. “We look forward to continuing to work closely with Governor Bowman on important regulatory issues affecting community banks and the local communities they serve.”