Senate confirms Bowman to Fed Board through January 2034

The Senate on Thursday approved Michelle (“Miki”) Bowman’s reappointment to the Federal Reserve Board for a full, 14-year term, ensuring her ability to remain on the board through Jan. 31, 2034.

Bowman was first nominated by President Donald Trump in April 2018 to be the Fed’s first community bank representative. She took her Fed Board seat last November after winning confirmation by the Senate on a vote of 64-34. Her current term expires Jan. 31, 2020.

The Senate voted 60-31 Thursday to confirm Bowman’s reappointment.

Since joining the board, Bowman has voted to approve each Fed proposed and final rule, with the exception of the board’s issuance last year of the proposed community bank leverage ratio (CBLR) six days after she joined. That proposed rule awaits final action.

The proposed CBLR rule, issued under last year’s Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA, S. 2155), was issued jointly last year by the Fed Board, the Federal Deposit Insurance Corp. (FDIC), and Office of the Comptroller of the Currency (OCC). The FDIC Board  is due to vote on the final CBLR rule next Tuesday.

Under the proposed rule, most depository institutions and depository institution holding companies that have less than $10 billion in total consolidated assets, that meet risk-based qualifying criteria, and that have a CBLR (as defined in the proposal) of greater than 9% would be eligible to opt into a CBLR framework. Some commenters, including the chairman and six other members of the Senate Banking Committee, have urged that the CBLR threshold be set at 8% instead of 9%.

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