President Trump has named Federal Reserve governor Michelle Bowman as the central bank's new vice chair for supervision, replacing Michael Barr.
Yahoo Finance senior Fed reporter Jennifer Schonberger breaks down this news.
Hear more of how Wall Street is responding to Trump's picking Bowman as the Fed's overseer.
Also catch Jennifer Schonberger's coverage of what Wall Street is expecting from the Fed's March FOMC meeting and its decision on interest rates tomorrow.
To watch more expert insights and analysis on the latest market action, check out more Market Domination here.
And Jen, meantime, President Trump, uh, taps, has picked Michelle Bowman to replace, uh, Michael Barr as the Fed supervision head. Tell us more there and what that that does mean for the Fed.
Yeah, Josh, banks certainly cheering the nomination of Fed Governor Mickey Bowman to be the new Vice Chair of Supervision. Uh, Bowman staunchly opposed, uh, former Vice Chair of Supervision Michael Barr's plan known as Basel III to significantly ratchet up capital requirements on banks as much as 20%. She argued that that would significantly harm the economy. Um, she, the former Kansas Banking Commissioner has advocated for tough rules that are already in place and regulations that should be tailored to banks based on their risk profile and size because otherwise, it could hurt lending in this economy. And guys, I just want to say that Treasury Secretary Scott Benson made very similar points to what we've heard from Fed Governor Bowman over the past two years. The notion of tailoring, uh, regulations making them more efficient, more effective. So clearly, Bowman very much in line with what the Trump administration wants. She will, of course, have to have a Senate confirmation hearing. Uh, no word yet on when that will be, though, when it does happen, I do expect that she will be confirmed back to you.
All right. Thank you, Jennifer. Appreciate it.
Yeah.
