Banking and Finance Law Daily Bowman confirmed as Fed Governor for full term
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Friday, September 13, 2019

Bowman confirmed as Fed Governor for full term

By J. Preston Carter, J.D., LL.M.

The Senate confirmed its current Community Bank Representative, Michelle Bowman, to serve for a full, 14-year term.

The Senate, on Sept 12, 2019, confirmed Michelle "Miki" Bowman by a vote of 60-31 to serve on the Federal Reserve Board for a full, 14-year term. In 2018, Bowman was confirmed to serve as the Fed’s first Community Bank Representative for the remainder of a 14-year term until 2020. Prior to her appointment to the Fed, Bowman served as the state bank commissioner of Kansas.

Senator Jerry Moran (R-Kan) praised Bowman as having "already brought a critical perspective to our nation’s monetary policy with experience as both a community banker and supervisor of community banks." Senator Kevin Cramer (R-ND) said Bowman’s work with community banks is "vital to ensuring" that those banks have a voice at the Fed.

The American Bankers Association applauded Bowman’s confirmation and said, "We appreciate her interest in community banking issues, and we look forward to continuing to work with her on policies that allow America’s banks to serve their customers and contribute to economic growth."

In a press release congratulating Bowman on her confirmation, the Independent Community Bankers of America President and CEO Rebeca Romero Rainey said, "Today’s Senate vote confirming her for a full term ensures that the nation’s community banks will be represented on the Fed board without disruption."

In a letter to Senate leaders, the Conference of State Bank Supervisors said, "In her brief tenure, Gov. Bowman has been a constructive force in the development of the community bank leverage ratio, in call report simplification and in expanded communication with state regulators.

Companies: American Bankers Association; Conference of State Bank Supervisors; Independent Community Bankers of America

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