Bowman nomination to Fed’s community banking seat to come up in Senate

The nomination of Michelle (“Miki”) Bowman is scheduled to come up in the Senate as early as Tuesday, as the chamber will seek to cut off debate on her nomination.

Bowman – now the Kansas State Bank Commissioner – was nominated April 16 by President Donald Trump to a fill the remainder of a 14-year term that ends in 2020. She has been nominated as the Fed Board’s community bank representative for Region 8 (St. Louis, Mo.). She is from a community banking family and herself a former banker.

Miki Bowman
‘Miki’ Bowman testifies before the Senate Banking Committee Tuesday (May 15)

In testimony on her nomination before the Senate Banking Committee May 15, Bowman acknowledged weaknesses of the financial system revealed during the financial crisis but also said the regulatory environment since then has “disadvantaged” community banks.

“If confirmed, I will bring this perspective to my work at the Board to ensure that rules preserve the resiliency of the financial system, but are appropriately tailored to the size, complexity, and risk of an institution,” she testified.

She was recommended for confirmation by the Senate Banking Committee June 12 on an 18-7 vote.

Meanwhile, the nomination of Marvin Goodfriend to be a member of the Federal Reserve Board appears to be either stalled or not likely to advance further. Although the Banking Committee in February recommended his confirmation to the full Senate (on a 13-12 vote), the Senate reportedly is not likely to act on his confirmation any time soon, if at all.

Another nomination to the Fed Board – of Jean Nellie Liang – is also pending in the Senate. Nominated Sept. 28 by Trump, Liang is now a senior fellow in economic studies at the Brookings Institution in Washington and a visiting scholar at the International Monetary Fund’s (IMF) monetary and capital markets department.

Liang also served as a staff member – for more than three decades – at the Federal Reserve, most recently as director of the division of financial stability. If confirmed by the Senate, she would fill the remainder of a 14-year term ending Jan. 31, 2024.

INFO, BACKGROUND ON MICHELLE 'MIKI' BOWMAN (member, Federal Reserve Board/Comm. bank representative)
POSITIONMember, Federal Reserve Board (Community Bank Representative; first person to occupy seat so designated) (Confirmed by Senate: Nov. 15, 2018 to term of one year; confirmed by Senate to new 14-year term, ending 2034, Sept. 12, 2019)
EDUCATIONB.S., University of Kansas
J.D., Washburn University School of Law
2017-18: Commissioner, Kansas State Bank Commission
Staff member, U.S. Sen. Robert Dole (R-Kansas);
Counsel, House Transportation, Infrastructure;
Deputy Assistant Secretary, Department of Homeland Security;
Director of Congressional and Intergovernmental Affairs, Federal Emergency Management Agency (FEMA).

Vice President, Farmers & Drovers Bank, Council Grove, KS