Senate Banking Committee Approves Kansas State Bank Commissioner Bowman Nomination to Fed
The Senate Banking Committee today approved the nomination of Kansas State Bank Commissioner Michelle Bowman to the Federal Reserve Board, clearing the way for a full Senate vote.
If confirmed, Bowman would be the first person to fill a seat designated by Congress in 2014 for someone with community banking experience. CSBS partnered with industry to get the designation into law.
Bowman is a lawyer and fifth-generation banker who held a senior role at Farmers and Drovers Bank, Council Grove, Kan., before becoming the state’s commissioner in 2017.
John Ryan, CSBS President and CEO, applauded the panel’s vote.
“Miki Bowman’s nomination to the Federal Reserve Board highlights the important role of state banks and state supervision in our national financial system,” Ryan said in a statement. “CSBS strongly advocated for a seat on the Fed Board designated for community bank and state supervisory experience. 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.”
The Senate Banking Committee also today approved Richard Clarida's nomination to be Fed Vice Chairman.
The Fed has four vacancies on its seven-member board of governors. The panel earlier approved Marvin Goodfriend for a seat on the Fed's Board of Governors. All three nominations are being considered by the full Senate.