By Pete Schroeder WASHINGTON (Reuters) -Federal Reserve Governor Michelle Bowman was confirmed to the central bank’s top regulatory post by the U.S. Senate on Wednesday, where she is expected to push an agenda aimed at easing rules for banks. Bowman, a former community banker who President Donald Trump nominated to the Fed’s Vice Chair for […]
U.S.
Fed’s Bowman confirmed by Senate to central bank’s top regulatory post
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By Pete Schroeder
WASHINGTON (Reuters) -Federal Reserve Governor Michelle Bowman was confirmed to the central bank’s top regulatory post by the U.S. Senate on Wednesday, where she is expected to push an agenda aimed at easing rules for banks.
Bowman, a former community banker who President Donald Trump nominated to the Fed’s Vice Chair for Supervision role in March, has served on the Fed’s board as a governor since 2018. She was confirmed by a vote of 48 to 46.
In her new role, Bowman will lead the Fed’s efforts to supervise and write rules for the nation’s largest and most complex banks. That is expected to include easing leverage rules for large banks, making the annual “stress test” of big banks more transparent, and rolling out simpler capital rules for large firms, according to analysts.
When she testified before lawmakers in April, she said current financial rules have grown “overly complicated and redundant” and impose unnecessary costs on banks and their customers. She has vowed to be a “pragmatic” regulator, as the Trump administration has made trimming rules in a bid to boost economic growth a top priority.
(Reporting by Pete Schroeder; editing by Diane Craft)