The Fed Needs Michelle Bowman on its Board
CSBS continues to press for Michelle “Miki” Bowman to fill the Fed Board position that requires experience as a community banker or community bank supervisor. With the strong, bipartisan approval of the Senate Banking Committee, the full Senate should schedule and hold a confirmation vote as soon as possible.
The Federal Reserve Board has seven seats, only three of which are currently filled. Federal law requires at least one member of the Federal Reserve Board of Governors to have primary experience working in or supervising community banks. Miki Bowman has both.
In addition to supervisory expertise gained as the state bank commissioner of Kansas, Miki has a practical understanding of the importance of local banks on the local and national economies through her previous role as vice president of Farmers & Drovers Bank in Council Grove, Kan., and her involvement in her family’s cattle and farm operation.
Miki’s public policy experience is also impressive. She worked for Senator Bob Dole and as counsel to the U.S. House Committee on Transportation and Infrastructure and the Committee on Government Reform and Oversight. She was appointed to serve at the Federal Emergency Management Agency after the September 11 terrorist attacks and then later at the Department of Homeland Security.
The Senate Banking Committee rightly supports Miki Bowman’s appointment to the Federal Reserve Board. At a May 15 nomination hearing, Banking Committee Chairman Mike Crapo (R-Idaho) called both Bowman and fellow Fed nominee Richard Clarida “clearly qualified” and said they should both be quickly confirmed by the full Senate.
CSBS fully supports Miki Bowman’s nomination to the Federal Reserve Board. John Ryan, CSBS president and CEO, said in June, “I am delighted to see the committee’s endorsement of Bowman who has served both in community banking and as a state regulator and wish her a speedy confirmation.”
With bipartisan approval from the Banking Committee, the experience necessary to fill a statutorily required role, an obvious need on the Board, and the backing of her fellow state regulators, the full Senate should confirm Miki without delay. The country will be better off for her service on the Federal Reserve Board.