President to nominate Fed’s Bowman as Vice Chair of Supervision

President Donald Trump announced Monday that he plans to nominate Michelle Bowman as the Fed’s Vice Chair for Supervision, a position that oversees bank regulation, supervision, and rulemaking. Bowman is a current member of the Federal Reserve Board of Governors and would replace Michael Barr, who resigned from the position last month.

Bowman met with America’s Credit Unions’ legacy organizations numerous times in recent years and has expressed concerns with the Fed’s proposal to cap debit interchange fees. She previously served as Kansas state banking commissioner and has served in numerous positions at a community bank.

Bowman’s appointment requires a Senate confirmation.