Bowman confirmed as Fed board's community bank representative
WASHINGTON — The Senate voted 64-34 on Thursday to confirm Michelle “Miki” Bowman to serve as the community banking representative on the Federal Reserve Board of Governors.
Bowman will serve the rest of a term that ends in 2020. Since 2017, she has been the Kansas state banking commissioner.
"As I’ve highlighted in recent days, we have before us a nominee whose skills and background are tailor-made for the responsibilities of the office," Senate Majority Leader Mitch McConnell, R-Ky., said before the chamber voted on the nomination. "Ms. Bowman has extensive experience in community banking, and the seat to be filled is intended for an expert in that very field.”
A fifth-generation banker, Bowman joined Farmers & Drovers Bank in Council Grove, Kan., as vice president in 2010, just as Dodd-Frank Act regulations were about to take effect.
While Bowman encountered significant opposition from Democrats, who have generally criticized Trump administration regulatory appointments, the industry praised her confirmation.
“As a fifth-generation community banker with experience at the state and federal levels, Miki Bowman is ideally suited for the Fed’s community banking seat," said Rebeca Romero Rainey, president and CEO of the Independent Community Bankers of America, in a statement Thursday.
Bowman’s confirmation leaves the Fed Board with two empty seats as the administration's nominees for the remaining vacancies await votes.
Carnegie Mellon University professor Marvin Goodfriend, who testified before the committee in January, has yet to be considered by the full Senate. The Democrats on the committee unanimously opposed his nomination and Sen. Rand Paul, R-Ky., indicated that he would also vote "no."
Another nominee, Brookings Institution fellow Nellie Liang, has not received a hearing before the Senate Banking Committee. Republicans have expressed concerns about Liang, a registered Democrat, over her work to develop the Fed’s post-crisis regulations as director of its Office of Financial Stability.