It got lost behind all the noise related to the speculation about who might fill the two empty seats on the Board of Governors. On April 4, the White House sent Michelle Bowman’s name to the Senate for confirmation for a full term as Governor when her present term ends on January 31, 2020. If confirmed — and I would fully expect that to occur — her new term of 14 years would begin on February 1, 2020 and run through January 31, 2034.
Bowman hasn’t spoken a lot in public since being sworn in on November 26, 2018. What public remarks she has made have generally been related to community banking and regulation. Her written statement for the June 5 confirmation hearing was in line with that as part of her role as the Governor who holds the spot reserved for a community banker. She included the usual language about her commitment to achieving the Fed’s dual mandate as part of an independent central bank.
So far there has been nothing controversial about her tenure as a Governor and there is no reason to think her confirmation will not be quick and without significant objections. That still leaves the two open spots on the Board. The White House experienced a lot of backlash over the two names it tentatively put forward — actual nominations were never made in spite of President Trump’s tweeting of plans to do so for Stephen Moore and Herman Cain. Names that have emerged since both those men were forced to withdraw from consideration have not passed into more than speculation.
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