Bowman confirmed as top regulator at Fed

WASHINGTON — Michelle Bowman has been confirmed by the U.S. Senate to be the Federal Reserve vice chair for supervision. 

The Senate confirmed Bowman’s nomination in a 48-46 vote, split along party lines. Once she is sworn in, Bowman will serve as the top bank regulator at the Fed, wielding considerable influence over key banking agenda items, including retooling the 2023 Basel III endgame capital proposal and broader deregulation of the industry. 

The tight vote for Bowman’s nomination was unexpected. Bowman is a favorite of the banking industry — and community banking sector in particular, having been a community banker herself. Moderate Democrats on banking issues would typically be relied upon to shore up the votes in…