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Donald Trump has exploited the governor of the federal reserve, Michelle Bowman, vice-president of supervision at the American central bank, said a white house official, raising a champion of banking regulations to a light touch.
Trump’s movement will be welcomed to Wall Street. The best American financial institutions had criticized the most severe approach to the regulation taken by the former vice -president of supervision Michael Barr – a named person of Joe Biden who recently left the post.
Bowman, who was initially selected for the Nourished Trump’s board of directors during his first mandate was strongly involved in the regulation of community banks during his stay at the Central Bank. Before the Fed, she was banking commissioner in Kansas.
“We have to go back to a regulatory approach that emphasizes the appropriate sewing of regulatory requirements and supervision expectations, and adopt a pragmatic approach to identify and solve the most urgent problems,” she said a conference in Kansas last month.
“And we have to encourage continuous innovation in banking and financial systems,” she added.
Before the announcement, David Solomon, managing director of Goldman Sachs, applauded his possible appointment.
“I think the industry would be delighted to see Miki Bowman nominating, then it can help banks move forward, to do what the bank should do, which brings capital into the system and help support the growth of the economy,” he said in Fox Business on Wednesday.
Regarding monetary policy, Bowman is mainly aligned with the consensus of the Federal Market Committee open under the president of the Fed, Jay Powell, although it was dissipated from the Central Bank’s decision last September to reduce interest rates by 50 basis. She would have preferred a cup of 25 base points.
