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.

President Donald Trump announced Monday he has chosen Federal Reserve Governor Michelle Bowman to take over the central bank's top supervisory role.The announcement comes after Michael Barr resigned from his role as the Fed's vice chair for supervision,

President Donald Trump said he will nominate Michelle Bowman as the Federal Reserve’s vice chair for supervision. Bowman, who has served as a governor on the Fed board since 2018, would replace Michael Barr in that role. Barr stepped down Feb. 28 as vice chair for supervision but remains on the Fed board.