Michelle Bowman – the current Federal Reserve Board member who is designated as the representative of community banks on the central bank’s leadership panel – would serve a 14-year term beginning Feb. 1, under a nomination sent to the Thursday by President Donald Trump Tuesday.
Bowman is now serving a 14-year term that ends next year; she began serving her current term just this past November. A The former Kansas State Bank Commissioner, Bowman was nominated for her current term last April 16 by Trump to fill the remainder of a 14-year term that ends next year. She is from a community banking family and is herself a former banker, the Fed has said.
Under the latest nomination, she could stay on the board until 2034. She is the first Fed Board member to hold the designation as community bank representative.
Two seats remain open on the Federal Reserve Board; while the White House has not formally submitted nominations or intentions to nomination for either seat, the names of economist Stephen Moore and (most recently) business owner Herman Cain to the board. Both names have raised eyebrows among some, regarding either their experience in dealing with Fed issues (such as Moore), or their political leanings (such as Cain).