Recently Confirmed Holder of Community Banking Seat Serving Partial Term
Washington, D.C. (Feb. 6, 2019)—The Independent Community Bankers of America® (ICBA) recently urged President Donald Trump to renominate Michelle “Miki” Bowman for a full term as a member of the Federal Reserve Board. In a letter to Trump and Senate Banking Committee Chairman Mike Crapo (R-Idaho) and Ranking Member Sherrod Brown (D-Ohio), ICBA noted that Bowman’s bipartisan confirmation was for a partial term that expires in less than a year.
Bowman made history last fall as the first person to fill the Fed’s community banking seat, which was instituted by Congress in 2015 due to ICBA’s successful advocacy. However, her bipartisan confirmation was for a term that expires Jan. 31, 2020. Promptly renominating her for a full 14-year term would allow the Senate to begin the confirmation process.
“Ms. Bowman’s diverse professional experience, seasoned judgment, and insight into the financial, rural, and agricultural economies has already begun to diversify the Board and strengthen its deliberations, rulemaking, and open market operations,” ICBA President and CEO Rebeca Romero Rainey wrote. “Ms. Bowman’s renomination to a full term at the soonest opportunity would alleviate uncertainty and reassure community bankers nationwide that they will be represented in Board deliberations without disruption.”
In its letter, ICBA noted that Bowman’s experience is highly relevant to the Fed board. She has served as Kansas state bank commissioner, vice president of Farmers & Drovers Bank in Council Grove, Kan., and in her family’s cattle and farm operation. She has also worked for former Sen. Bob Dole (R-Kan.), the House Committee on Transportation and Infrastructure, the House Committee on Oversight and Government Reform, the Federal Emergency Management Agency, and the Department of Homeland Security.
ICBA looks forward to continuing to work with the White House and Congress to advance Bowman’s renomination.
The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. With more than 52,000 locations nationwide, community banks constitute 99 percent of all banks, employ more than 760,000 Americans and are the only physical banking presence in one in five U.S. counties. Holding more than $4.9 trillion in assets, $3.9 trillion in deposits, and $3.4 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.