Michelle Bowman Nominated as Federal Reserve's Regulatory Lead

Donald Trump has nominated Michelle Bowman to oversee the Federal Reserve's financial regulatory efforts. Bowman's appointment may lead to more relaxed rules for large banks. Her nomination follows her previous role on the Fed's governing board and has been well-received by banking industry groups.

President Donald Trump has nominated Michelle Bowman to oversee the Federal Reserve's financial regulatory efforts. This strategic move might pave the way for looser regulations on large banks.

Bowman's nomination comes after her tenure on the Fed's governing board. She replaces Michael Barr as the Fed's Vice Chair for Supervision, following Barr's resignation amid a potential legal clash with Trump.

Bowman, who has voiced opposition to stricter banking regulations, has support from major banking industry lobbyists. Her past roles include serving as the state bank commissioner in Kansas and working in Washington.

(With inputs from agencies.)