Senate committee advances Bowman for Fed regulation, supervision role

The Senate Banking Committee Tuesday advanced Michelle Bowman for full Senate consideration to become the Federal Reserve’s Vice Chair for Supervision, which oversees bank regulation, supervision, and rulemaking. Bowman is a current member of the Federal Reserve Board of Governors and would replace Michael Barr, who resigned from the vice chair role.

Bowman met with America’s Credit Unions’ legacy organizations numerous times in recent years and has expressed concerns with the Fed’s proposal to cap debit interchange fees. She previously served as Kansas state banking commissioner and in numerous positions at a community bank.