Her nomination was welcomed by banking industry lobbying groups, including the American Bankers Association and the Independent Community Bankers of America.
As Vice Chair, Bowman will be the most powerful federal bank regulator, and will coordinate with the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency on developing bank rules.
The position requires Senate confirmation, though analysts expect she'll easily be confirmed.
Bowman voted against a 2023 proposal by Barr to tighten rules on big banks such as JPMorgan Chase and Bank of America, in particular to require them to hold more capital in reserve to offset potential losses. The proposed rule attracted fierce opposition from the financial industry, but also from some nonprofit organizations concerned that it could have limited mortgage lending.
Prior to joining the Fed, Bowman was the state bank commissioner in Kanas in 2017-2018, after serving as vice president at a local bank. She also had previous stints in Washington working for Senator Bob Dole, a Kansas Republican, and at the Federal Emergency Management Agency and the Department of Homeland Security.