With confirmation of Bowman, Senate fills fifth seat on Fed Board

A fifth seat on the Federal Reserve Board of Governors is officially filled, as the Senate Thursday confirmed Michelle (“Miki”) Bowman as a member, to represent community bankers.

Bowman was confirmed on a vote of 64-34.

Two seats on the Fed board remained unfilled, although nominations have been submitted by President Donald Trump (and one of those is pending before the Senate). The nomination of Marvin Goodfriend was recommended for confirmation to the Senate by the Banking Committee Feb. 8 (he was nominated nearly a year ago).

Jean Nellie Liang was nominated by the White House in September; the Senate Banking Committee has not yet scheduled a hearing on her nomination.

Bowman – now the Kansas State Bank Commissioner – was nominated April 16 by Trump to fill the remainder of a 14-year term that ends in 2020. She is from a community banking family and is herself a former banker.

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.

Bio, background on Federal Reserve Board Gov. Michelle Bowman