President Trump Nominates Michelle Bowman as Vice Chair for Supervision
Commentary by Steven Lofchie
President Trump nominated Federal Reserve Governor Michelle W. Bowman to be Vice Chair for Supervision.
If confirmed by the Senate, Ms. Bowman will succeed Fed Governor Michael S. Barr, who stepped down from the position, effective February 28, 2025. He continues to serve on the Fed Board of Governors. (See related coverage.)
Ms. Bowman stated: "If confirmed, I will promote a safe and sound banking system through a pragmatic approach to supervision and regulation with a transparent and tailored bank regulatory framework that encourages innovation. I will leverage my hands-on experience as a banker, a bank regulator, and a Board Member to address the challenges ahead."
Ms. Bowman was first appointed to the Fed board in 2018 during President Trump's first term. She has consistently called for regulatory reform. (See, e.g.: Fed Governor Proposes Regulatory Reform; Fed Governor Bowman Makes the Case for Bank Regulatory Reform; Fed Governor Pushes Regulatory Reforms for Community Banks; Governor Bowman Calls for Changes to Bank Stress Testing; FRB Governor Bowman Warns of Misplaced Regulatory Priorities; FRB Governor Bowman Proposes "Path Forward" to Address Issues Raised by Basel III; FRB Governor Bowman Urges Return to Basics in Bank Regulation; FRB Governor Bowman Reiterates Criticism on Banking Proposals and Guidance; FRB Governor Bowman Criticizes New Banking Rules; FRB Governor Bowman Recommends that Banking Reforms Remediate "Identified Shortcomings"; FRB Governor Reviews Economic Consequences of Declining "De Novo" Bank Start Ups.)
Commentary
Governor Bowman has been a consistent critic of stodgy regulation, over-regulation and misplaced regulatory priorities. Philosophically, or perhaps temperamentally, she seems almost the opposite of the former Vice Chair for Supervision, whose public statements were almost entirely focused on every type of risk. (See, e.g. Fed Governor Identifies Seven Risks for Bank Regulators.)
For those who are open to a re-examination of the status quo, there could not be a better choice for Vice Chair of Supervision than Ms. Bowman.
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