Michelle Bowman Poised to Become Fed's Top Financial Regulator

Michelle Bowman is expected to be appointed as the Federal Reserve's top financial regulator, succeeding Michael Barr. Previously a state bank commissioner in Kansas, Bowman's tenure includes roles in Washington and as a Fed governor since 2018.

In a significant move, the Trump administration is on the verge of appointing Federal Reserve governor Michelle Bowman as the central bank's leading financial regulator. This pivotal decision comes following an anonymous tip provided by a source familiar with the matter.

Bowman, who has diligently served on the Fed's governing board for the past six years, is set to replace the outgoing Michael Barr. Barr had assumed the position under the Biden administration but faced criticism from major US banks due to his 2023 proposal requiring increased capital reserves. Initially reported by Bloomberg News, Bowman's nomination raised considerable anticipation on Wednesday.

Standing against Barr's proposal, Bowman, alongside governor Christopher Waller, has been a significant figure on the board since her appointment by President Donald Trump during his first term. Having served previously as Kansas' state bank commissioner and holding various positions in Washington, her tenure at the Fed marks a continuation of an impactful career.

(With inputs from agencies.)