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 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.

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.