Senate Banking votes Tuesday on Bowman’s renomination to new Fed Board term

The Senate Banking Committee is poised to vote on the president’s renomination of Michelle (“Miki”) Bowman to a new, 14-year term on the Federal Reserve Board Tuesday, just before the panel begins a hearing on reauthorization of the federal terrorism risk insurance program.

The committee approved Bowman for her current term last June on a vote of 18-7; the Senate voted 64-34 to confirm in November. If confirmed again, she would be able to remain on the board through January 2034.

Bowman testified on her renomination June 5, reiterating her commitment to the Fed’s dual mandate and sharing that she recently formed a working group of experts across the Fed system to undertake a “comprehensive review” of the Fed’s supervisory work with smaller regional and community banks. “We are looking for ways to optimize our supervision and regulation to ensure it adapts to the on-the-ground realities of an evolving industry and changing consumer expectations while maintaining the safety and soundness of our banking system,” she stated.

The committee is scheduled to vote on Bowman’s nomination, and several others, during executive session beginning at 10:30 a.m. ET. The panel is scheduled to also vote on the nominations of Thomas Peter Feddo, of Virginia, to be an Assistant Secretary of the Treasury for Investment Security; Ian Paul Steff, of Indiana, to be Assistant Secretary of Commerce and Director General of the United States and Foreign Commercial Service; Paul Shmotolokha, of Washington, to be First Vice President of the Export-Import Bank of the United States; and Allison Herren Lee, of Colorado, to be a Member of the Securities and Exchange Commission.