Loans for dentures? New Fed governor said her bank helped
The newest member of the US central bank board has experience likely unique among Federal Reserve officials: she provided loans for false teeth.
Federal Reserve Governor Michelle Bowman said Monday that the small community bank where she served as vice president provided this unusual form of financing.
"They finance things. They help meet the daily needs of the community and their customers, financing things from farms, homes, dentures," Bowman said when asked to describe the Farmers & Drovers Bank.
"We're talking basic needs of community members."
Bowman's great, great grandfather was one of the founders of the bank, in the northeast corner of Kansas, about 120 miles from Kansas City, and she served as its vice president from 2010 to 2017.
Even the moderator at the community banking forum was surprised at this line of business, but said he did not have time to ask how to underwrite denture loans.
On the more weighty issue of the US economy, Bowman noted the continued strong jobs data, solid wage growth and inflation close to the Fed's two percent target, and said "our economy is in a good place."
She joined the Fed board in late November and has participated in two policy meetings so far.
"Our inflation is close to target, and I'm comfortable with the current stance of our policy," she said.
The Fed raised its benchmark policy rate four times last year, the latest move in December, but in January said it will remain patient before making another move while it watches to see how the economy reacts.
© 2019 AFP