10 NOVEMBER / DECEMBER 2021 COVER STORY Michelle W. Bowman Serving the Federal Reserve System On Nov. 26, 2018, Michelle W. Bowman was appointed to the Board of Governors of the Federal Reserve System to complete an unexpired term. Reappointed in January 2020, Gov. Bowman has been sworn in for a full 14-year term that ends Jan. 31, 2034. She fills a specific role created by Congress that provides for an individual from a community banking background to serve on the Board. Miki Bowman’s banking experience stems from her service as vice president of Farmers & Drovers Bank in Kansas from 2010 to 2017. Afterward, she served as the Kansas state bank commissioner from January 2017 to November 2018. Additional past experience, prior to banking, includes service in the Washington, D.C., office of Sen. Bob Dole of Kansas, as a counsel to the U.S. House Committee on Transportation and Infrastructure and the Committee on Government Reform and Oversight, as a director at the Federal Emergency Management Agency, and in capacity as a deputy assistant secretary and policy adviser to Homeland Security Secretary Tom Ridge. Following her time in Washington, Bowman led a government and public affairs consultancy in London before returning to Kansas in 2010. She earned a bachelor’s degree from the University of Kansas, a JD from the Washburn University School of Law, and she is a member of the New York State Bar. Recently, Gov. Bowman shared her insights and expertise in addressing the following questions for Hoosier Banker readers: On the Board of Governors of the Federal Reserve System, you are the first to serve in the role created by Congress for a community banker to fill. What does your unique perspective bring to the Board? As a former community banker and state bank regulator, I bring the unique perspective of someone from a rural, agricultural community, who has worked to support the economic well-being of customers, businesses and their communities. My family has deep roots in rural Kansas and a long history in farming, ranching and banking. I have spent my banking career living, working and raising a family in a rural area, which aren’t typical experiences for a Fed policymaker. I view this diversity as a strength, as Congress recognized in the creation of this role, and I believe the perspective I bring has been critical – especially during the COVID-19 pandemic. We need strong community banks because they help support strong communities and are an important economic driver for small business in America. What are the primary responsibilities of the Board of Governors? The Board has five key responsibilities on behalf of the American people: • Conducting monetary policy through the Federal Open Market Committee to promote the goals of Michelle W. Bowman Member of the Board of Governors Federal Reserve System
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