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 Federal Reserve Governor Michelle Bowman as vice chair for supervision at the central bank. Her predecessor Michael Barr resigned from the position. He is still a Fed governor,

The longtime central bank governor often served as a vocal counterpoint during Michael Barr's tenure, on issues such as stress tests, bank merger policy and CRA revisions.