Senate confirms Bowman to Fed board

The Senate on Thursday confirmed Michelle “Miki” Bowman to the Federal Reserve Board, making the former Kansas bank commissioner President Trump’s third addition to the central bank.

Senators voted to confirm by a vote of 64-34 to confirm Bowman to a 14-year term on the board, filling a seat designated for an official with community banking experience. Bowman previously served as Kansas’ chief bank regulator and vice president at Farmers & Drovers Bank, a Kansas bank that reported $181 million in assets in 2017.

{mosads}Fourteen Democrats voted to confirm Bowman, while Sen. Rand Paul (R-Ky.) was the only Republican to oppose her. Senators ended debate on Bowman’s nomination Wednesday by a similar margin.

Bowman’s confirmation was welcomed by industry trade associations eager for the former bank official to further the Fed’s efforts to loosen rules on smaller lenders.

“Miki Bowman is ideally suited for the Fed’s community banking seat. We look forward to working with her on pressing regulatory issues facing community banks and the communities they serve,” said Rebeca Romero Rainey, president and CEO of the Independent Community Bankers of America (ICBA).

Rob Nichols, president and CEO of the American Bankers Association, said Bowman will make sure smaller firms are “considered as the Federal Reserve makes critical decisions about monetary policy and banking regulation.”

Bowman is Trump’s latest addition to the Fed, following the confirmation of Fed Vice Chairman Richard Clarida in August and vice chairman of supervision Randal Quarles in October 2017.

Trump also elevated Fed Chairman Jerome Powell, an appointee of President Obama, to lead the Fed in 2017. Fed Governor Lael Brainard, another Obama pick, is the other board member.

Bowman is expected to be a solid backer of Fed proposals to loosen Dodd-Frank Wall Street reform regulations.