Trump to Nominate Bowman as Fed's Top Bank Cop
The Trump administration is expected to choose Federal Reserve governor Michelle Bowman to be the central bank’s top financial regulator, according to a person familiar with the decision.
Bowman, who has been a member of the Fed's governing board for six years, would replace Michael Barr, who stepped down last month.
Barr, who was appointed by former President Joe Biden, came under attack from big U.S. banks after proposing that they hold more capital in reserve in a 2023 regulatory reform proposal. Bowman's appointment was reported earlier Wednesday by Bloomberg News.