Big Bank Lobbying Groups Celebrate Trump’s Pick for Fed Vice Chair

Last night, President Trump nominated Michelle Bowman as the Federal Reserve’s Vice Chair for Supervision, a key role that oversees the Fed’s regulatory efforts.

Bowman’s appointment was yet another gift from the Trump administration to the banking industry, with the American Bankers Association praising her as a “principled voice for sensible regulatory and monetary policy.” In a March interview with Fox News, Goldman Sachs CEO David Solomon said he would be “excited to see [Michele] Bowman appointed” and that the “industry would be excited.”

“Bowman is a gift to the big banks looking to dodge regulation. Her nomination is a sign-off on the industry’s fight to undo key measures keeping money in the pockets of consumers and protecting them from predatory bank practices. Between McKernan at the CFPB and Bowman at the Fed, Trump is setting up an administration that only serves himself and his billionaire donors.”

—Accountable.US Executive Director Tony Carrk.

Previously, Bowman opposed a rule from the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency seeking to update the Community Reinvestment Act to ensure banks adequately provide credit and banking services to minority and low- moderate-income communities, and voted against a rule introduced by federal regulators seeking to increase the capital requirements of large banks, helping “reduc[e] the risk that a bank failure triggers system-wide financial instability.”