Trump To Nominate Fed's Michelle Bowman As Top Banking Regulator: Report

President Donald Trump is set to nominate Federal Reserve Governor Michelle Bowman as the central bank's vice chair for supervision, according to a source familiar with the decision, Bloomberg reports. The nomination could be announced as early as today, marking a significant shift in the Fed's regulatory leadership.

What To Know: This move comes after Michael Barr stepped down from the role earlier this year, citing concerns over a potential conflict with Trump.

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In January, Barr stated that the risk of a dispute over the position could divert attention from the Fed's core mission. His departure created a vacancy in one of the most influential regulatory roles overseeing the financial sector.

What Else: Bowman has been a member of the Federal Reserve Board since 2018, with a background in banking regulation and public service. Before joining the Fed, she served as Kansas' state banking commissioner, where she focused on policies affecting community banks.

Bowman’s experience also includes roles in the financial sector and government, including a position in the George W. Bush administration. Bowman has been a vocal advocate for reducing regulatory burdens on smaller banks, arguing that rules designed for large financial institutions can be overly restrictive for local lenders.

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