Trump to Nominate Michelle Bowman as Fed's Vice Chair for Supervision, Signaling Regulatory Shift

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Updated Mar 12, 2025, 09:03 PM

President Donald Trump is set to nominate Federal Reserve Governor Michelle Bowman as the central bank's vice chair for supervision, according to multiple reports. This move signals a potential shift in the regulatory stance towards the nation's largest banks. Bowman, who has been a member of the Fed's board since 2018, is expected to replace Michael Barr, the former vice chair for supervision appointed by President Joe Biden. Barr resigned in February to avoid a possible legal dispute with the Trump administration. Known for her criticism of overly stringent banking regulations, Bowman's appointment is anticipated to bring a lighter regulatory approach to the Fed. She has previously opposed some of Barr's proposals, including new capital rules based on Basel III standards, arguing for more tailored requirements based on a bank's size and risk profile. Before joining the Fed, Bowman served as the Kansas banking commissioner and was vice president at Farmers & Drovers Bank. Her nomination has received support from Goldman Sachs CEO David Solomon, who expressed excitement about her potential appointment. Treasury Secretary Scott Bessent has also criticized post-crisis regulation as 'backward-looking,' suggesting a desire for regulatory changes. Additionally, Bowman has experience working for Senator Bob Dole from 1995 to 1996 and Homeland Security Secretary Tom Ridge from 2003 to 2004.

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