President Donald Trump has nominated Federal Reserve Governor Michelle (Miki) Bowman to serve as the next vice chair of supervision at the Federal Reserve. Trump announced this decision on March 17 via a post on Truth Social.
“Miki has been serving honorably on the Fed’s Board of Governors since 2018, and has great expertise dealing with Inflation, Regulation and Banking,” Trump wrote. “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.”
Bowman was appointed to her current role by Trump in 2018. The position of vice chair of supervision was previously held by Michael Barr, appointed by President Joe Biden, who stepped down in February to avoid a political and legal battle with Trump allies.
In a statement, Bowman expressed her eagerness to collaborate with counterparts in other agencies and her board colleagues to support U.S. economic growth and prosperity. If confirmed, she aims to promote a safe and sound banking system through a pragmatic approach to supervision and regulation, leveraging her experience as a banker, bank regulator, and Board Member.
House Financial Services Committee Chairman French Hill and Senate Banking Committee Chairman Tim Scott both applauded the nomination, highlighting Bowman’s potential to bring strong leadership and accountability to the Federal Reserve.
— news from PYMNTS.com