The news: President Trump has nominated Federal Reserve Governor Michelle Bowman as the vice chair for supervision, placing her in a key regulatory role overseeing major US banks, per Yahoo Finance.

How we got here: In January, Fed Vice Chair Michael Barr resigned from the position, though he will remain on Fed’s Board of Governors until his term expires in 2032.

Being elevated from a sitting governor to vice chair means Bowman can retain her current position as a governor, giving her more latitude to propose deregulation.

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Fed Governor Michelle Bowman’s new position signals future deregulation

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