President Donald Trump has nominated Federal Reserve Governor Michelle Bowman to serve as the central bank's vice chair for supervision, replacing Michael Barr who resigned earlier this year. Bowman, who has been a member of the Fed's Board of Governors since 2018, is expected to bring a more lenient approach to banking regulation compared to her predecessor. The appointment has been welcomed by Wall Street banks and smaller lenders, who anticipate that Bowman will adopt a more industry-friendly stance. Her expertise in dealing with inflation, regulation, and banking was highlighted by Trump, who stated that the U.S. economy has been mismanaged and is in need of change. Bowman's nomination comes at a time when regulatory issues like Basel III are still under consideration, and her appointment is seen as a signal of the Trump administration's intent to ease banking regulations. If confirmed by the Senate, she will play a crucial role in shaping the regulatory framework for the U.S. banking system.