The announcement comes after Michael Barr resigned from his role as the Fed's vice chair for supervision, though he remains a Fed governor. In January, when Barr announced that he

U.S. President Donald Trump nominated Federal Reserve Governor Michelle Bowman to the central bank's top regulatory post as vice chair for supervision where she is expected to oversee an agenda of relaxed rule-writing and bank oversight.

President Donald Trump picked Federal Reserve Governor Michelle Bowman to serve as the central bank’s vice chair for supervision, a move cheered by Wall Street banks and smaller lenders who expect she’ll be friendlier to the industry.