President Donald Trump has selected Federal Reserve Governor Michelle Bowman to assume the central bank’s top supervisory role. This follows Michael Barr’s resignation from his position as vice chair for supervision, although he remains a Fed governor. Bowman, a former bank executive and Kansas state regulator, joined the Fed during Trump’s first term. Trump praised Bowman’s expertise in inflation, regulation, and banking, emphasizing the need for economic change. Fed Chair Jerome Powell has expressed reservations about the role of vice chair for supervision, introduced after the 2008 financial crisis. Bowman’s appointment is expected to bring lighter regulation, particularly for small banks. Bank stocks have performed well since Trump’s election, partly due to expectations of reduced regulation. — news from CNBC