The United States Senate voted in favor of Michelle Bowman’s confirmation in the Board of Governors of the Federal Reserve on Thursday, with the majority of elected officials being strengthened by President Donald Trump.
The Senate vote was 64-34.
It is not clear what the addition of Bowman, which has been managed by the Kansas State Bank Commission since 2017, means in the political debate in the US Federal Reserve. His views on monetary policy are unknown, but he has pledged to focus on achieving the Fed’s goals for sustainable prices and maximum employment.
The Fed has raised interest rates since 2015 to prevent the US economy. UU Trump, who took office in January 2017, criticized the growth of the central bank.
Despite his criticism, the three men he had already voted for the Fed (Jerome Powell, Vice President Riddle Quarles and Vice President Richard Clarida) have mutually supported each other while they were with the Fed. Powell was already there as governor Trump led him as successor to Janet Yellen as president of the Fed. Earlier this month, the Fed said it was planning to maintain growth rates.
Trump had plenty of room for reorganizing the central bank, but with the support of advisors such as Treasury Secretary Steven Mnuchin and others sensitive to maintaining market confidence in the Fed’s independence, he has selected a selection of economists relatively centrically ordinary and republican.
Bowman, who was nominated by Trump in April, will group the number of governors serving in the Federal Reserve into four members, and the three vacancies will still be filled. The governors of the Fed vote at each monetary policy meeting with the presidents of the five Fed regional banks, who vote with interest rates. The governors also oversee a large part of the United States banking system.
Bowman occupies a seat reserved for an officer with the Bank’s common experience. She said she was in favor of further adjustments to the banking regulations that were put in place after the 2007-2009 financial crisis.
Bowman may be the last official to join the Fed Board this year. Trump has appointed two people for the three remaining vacancies. One of them, Marvin Goodfriend, had voted in February after a controversial Senate meeting, and his nomination raised the suspicion that he would receive enough votes to pass the entire Senate.
Trump made her second nomination in September, Financial Stability Expert, Nellie Liang. Trump will have to change his name if the Senate does not approve his proposal before the end of the year.