Senate Banking Committee Advances Fed's Michelle Bowman for Full 14-Year Term

The Senate Banking Committee yesterday approved the nomination of Federal Reserve Governor Michelle Bowman to serve a full 14-year term. Bowman's current term expires January 31.

A former Kansas Bank Commissioner, Bowman is the first Fed governor to fill a spot designated for someone with community banking experience. During her first nomination hearing, she offered support for reducing the regulatory burden facing community-based financial institutions by better tailoring regulations.

During President George W. Bush’s administration, Bowman served as director of Congressional and Intergovernmental Affairs at the Federal Emergency Management Agency (FEMA) and when the Department of Homeland Security was established, she became a deputy assistant secretary and policy advisor to Secretary Tom Ridge. 

Prior to being nominated as Kansas’s state banking regulator, Bowman was a vice president at the $181 million asset Farmers & Drovers Bank, owned by her family, where served as a board director, compliance officer, and trust officer.

Her nominations now advance to the full Senate for final confirmation.