"Bowman is an attorney who has served on the Federal Reserve Board of Governors since 2018, when Trump appointed her during his first term. Coming from a community banking background, she is the first person to hold the board's community bank seat, which was created by a 2015 law. Previously, Bowman was the Kansas banking commissioner from January 2017 to November 2018, and held senior roles at the Federal Emergency Management Agency and the Department of Homeland Security under President George W. Bush. In March 2025, after seven years on the Federal Reserve board, Trump nominated Bowman to succeed Michael Barr as the Fed's vice chair for supervision."
"Waller, also a Trump nominee, has been a Fed board member since 2020. He is set to serve in his position through 2030. Previously, Waller served as the research director and executive vice president at the Federal Reserve Bank of St. Louis. He has publicly favored further cuts to interest rates. Speaking recently at an economics conference in London, Waller referenced labor market data and said, This reading of the data leads me, at this moment, to support a cut in the FOMC's policy rate at our next meeting on Dec. 9 and 10 as a matter of risk management."
A nominee is expected to be appointed first as a Federal Reserve governor and later nominated as chair. Jerome Powell’s chair term ends in May while his governor seat extends two more years. Five candidates are reported as contenders: Michelle Miki Bowman, Christopher Waller, Kevin Hassett, Kevin Warsh, and Rick Rieder. Bowman brings community banking experience and prior roles as Kansas banking commissioner and in FEMA and DHS, and was nominated as vice chair for supervision. Waller, a Fed governor since 2020, favors additional interest-rate cuts and publicly supported a December FOMC rate cut. Hassett serves as National Economic Council director after prior CEA service.
Read at www.housingwire.com
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