The Senate on Wednesday confirmed President Donald Trump’s pick to serve as the Federal Reserve’s top official overseeing banks, installing a key regulator who is poised to advance the administration’s financial deregulatory agenda.
Senators voted 48-46, along party lines, to confirm Board of Governors member Michelle Bowman as the central bank’s vice chair for supervision.
Bowman, who has been on the Fed board since 2018, is a former community banker and state banking commissioner. She’s been a major critic of federal banking regulation and supervision. Her nomination was widely supported by the bank industry and Republicans, who had pressed Trump to fill the role.
Sen. Tim Scott (R-S.C.), chair of the Senate Banking Committee, said in a statement that Bowman would “increase transparency in financial regulation, rightsize our regulatory framework, and protect access to credit for hardworking Americans.”
