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.

If confirmed, Bowman will face a tough road in loosening restrictions on the largest banks because the majority of the Fed board was appointed by Biden.

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.