President Donald Trump has nominated Federal Reserve Governor Michelle Bowman to the central bank’s top regulatory post, where she is expected to oversee a relaxed agenda of rule-writing and bank oversight.
A former community banker and vocal critic of overzealous bank regulation, Bowman is set to replace Michael Barr, who stepped down from the supervision post at the end of February to avoid a potential legal dispute with the Trump administration.
In a social media post, Trump expressed his confidence in Bowman’s ability to bring about positive change in the economy. He stated, “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.”
If confirmed, Bowman will be responsible for the Fed’s extensive bank regulatory portfolio, including supervising and writing rules for many of the nation’s largest banks. Her nomination has garnered praise from the banking industry and congressional Republicans, who applaud her efforts to resist tougher industry rules.
Rob Nichols, head of the American Bankers Association, commended Bowman’s work at the Fed, stating, “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.”
Bowman, who has served on the Fed board since 2018, was considered a frontrunner for the role due to the current full board, requiring a replacement to be named from existing governors. Despite minimal experience with global banks, Bowman will hold a prominent position as one of the top bank regulators in the US government and globally, overseeing the nation’s largest and most complex lenders.
With a background as a former Kansas banking regulator and experience in community banking, Bowman has been critical of Barr’s rulemaking projects, advocating for a lighter regulatory touch. She has opposed Barr’s proposed Basel III Endgame rule and has suggested making the Fed’s annual big bank stress tests more transparent and predictable for lenders.
Before her tenure at the Fed, Bowman served as the state bank commissioner of Kansas and held roles in a Kansas community bank. With a diverse career that includes congressional staffing and positions in federal agencies, Bowman brings a wealth of experience to her new role as the top bank regulator at the Federal Reserve.
