Kansas Bank Commissioner Michelle Bowman will leave her state office Nov. 23 to take a position as governor on the Federal Reserve Board of Governors.
Bowman was confirmed Thursday afternoon by the U.S. Senate to her new position on the Federal Reserve by a 64-34 vote. She will represent Region 8, the St. Louis, Mo., area. The position she is filling was one designated for a community banking representative, said U.S. Sen. Jerry Moran, R-Kan., who spoke on her behalf before the vote.
“The original Federal Reserve Act requires appointments to the board to include a representative of the agriculture community,” he said. “When Congress further defined the Fed’s representation, it created a specific seat for someone with a community bank background, having either worked in or supervised a community bank.”
Moran pointed to Bowman’s experience in a Kansas leadership role and her time working in Farmers and Drovers Bank in Council Grove.
Bowman was appointed to the bank commissioner position in January 2017. She was nominated for the Federal Reserve Board in April and will fill the remainder of a 14-year term that expires in Jan. 2020, Moran said.
Gov. Jeff Colyer announced Thursday afternoon that Bowman had resigned as bank commissioner, and he expressed his appreciation for her service in Kansas.
“We are thrilled for her to take on this new responsibility serving in our nation’s capital and we wish her all the best,” he said.
When Bowman departs Nov. 23, deputy bank commissioner Tim Kemp will take over as acting bank commissioner, Colyer’s office said.
The American Bankers Association also congratulated Bowman.
“Miki’s experience as both a fifth-generation banker and a state bank regulator in Kansas will help ensure that smaller institutions, as well as their customers, clients and communities, will be considered as the Federal Reserve makes critical decisions about monetary policy and banking regulation,” the organization said in a statement. “Her confirmation also moves the Fed one step closer to the important goal of having a full complement of governors and the range of perspectives that provides.”
The Federal Reserve Board of Governors has seven members, each serving 14-year terms. Although designed for the 14-year terms to overlap so that one president doesn’t have a significant effect on the board, vacancies occurring in 2017 and 2018 have resulted in more than the usual number of appointments by President Donald Trump. When he took office, there were two open board positions, and in 2017, two members resigned.
With Bowman’s confirmation, Trump has appointed three people to the board. The other two are Richard Clarida and Randal Quarles.