United States President Donald Trump will appoint Federal Reserve Michelle Bowman director as vice chair for supervision of the institution as early as Wednesday (12), a White House authority said.
Former community banker and frequent criticism of excessively zealous bank regulation, Bowman would replace Michael Barr, the appointed by former President Joe Biden who left office in February to avoid a possible legal dispute with the Trump administration.
Bowman was widely considered the favorite to occupy the position, in part due to the fact that the Fed board is currently full, which means that a substitute should be appointed among existing directors.
Bowman and Fed spokesmen declined to comment.
Bowman has been part of the Fed board since 2018, when Trump named her to hold a position specifically reserved for an authority with experience in community banks. It is expected to have a much lighter regulatory approach than Barr, whose rules creation projects have been vehemently criticized in several speeches in the last 18 months.
Despite little experience with global banks, Bowman would be one of the leading bank regulators of the US and the world’s government as the Fed oversees the largest and most complex creditors in the country.
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Before joining the Fed, Bowman acted as Kansas State banks commissioner for a year and a half, before he spent several years as vice president of Farmers & Drovers Bank, a Kansas community bank.
