The Trump administration is set to nominate Federal Reserve governor Michelle Bowman for the role of the central bank’s chief financial regulator. This appointment follows the recent resignation of Michael Barr, the previous officeholder, according to an individual with knowledge of the decision, who requested to remain anonymous.
Bowman, a six-year veteran of the Fed’s governing board, is expected to assume the responsibilities previously held by Barr, who had been appointed by ex-President Joe Biden. Barr faced criticism from major U.S. banking institutions following his proposal earlier this year that suggested these entities should increase their capital reserves. The choice of Bowman for this position was initially covered by Bloomberg News on Wednesday.
In her position on the board, Bowman, along with fellow Fed governor Christopher Waller, opposed Barr’s regulatory reform proposal. President Donald Trump had appointed Bowman to the Federal Reserve in 2018 during his initial term in the presidency.
While Barr has stepped down from his supervisory role as vice chair, he continues to serve on the Fed’s board of governors, which consists of seven members. This presented Trump with the necessity to select a candidate from within the existing board for the regulatory position, rather than looking outside for a new appointee.
Before her time with the Federal Reserve, Bowman served as the state bank commissioner in Kansas from 2017 to 2018, following roles such as vice president at a local banking institution. Her professional background also includes experiences in Washington, working at the Federal Emergency Management Agency (FEMA) and the Department of Homeland Security.
