US Federal Reserve Governor Michelle Bowman attends a “Fed Listens” event at the Federal Reserve headquarters in Washington, DC, on October 4, 2019.
Eric Baradat | AFP | Getty Images
President Donald Trump announced Monday he has chosen Federal Reserve Governor Michelle Bowman to take over the central bank’s top supervisory role.
The announcement comes after Michael Barr resigned from his role as the Fed’s vice chair for supervision, though he remains a Fed governor.
The elevation of Bowman gives Trump someone seen as more friendly to the banking industry in the top oversight role at the Fed. Bowman, a former bank executive and state regulator in Kansas, first joined the central bank during Trump’s first term.
“I am pleased to announce that Michelle ‘Miki’ Bowman will be the Federal Reserve’s new Vice Chair of Supervision,” Trump said in 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. 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. I am confident we will achieve Economic heights never before seen in our Nation’s History.”
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