Business Briefs – November 15, 2018

Senate Confirms Kansas Bank Regulator Bowman for Fed Board

WASHINGTON (AP) – The Senate on Thursday confirmed Michelle Bowman, a Kansas banking regulator, as a member of the Federal Reserve board.

Bowman was approved on a 64-34 vote to fill the spot on the seven-member board reserved for someone with community banking experience.

With her confirmation, President Donald Trump has now filled three vacant seats on the Fed board. He also nominated Jerome Powell to be Fed chairman, choosing not to tap former Fed Chair Janet Yellen for a second term.

China Says Talks With U.S. On Trade Battle Have Resumed

BEIJING (AP) – Washington and Beijing have resumed talks over their spiraling trade dispute ahead of a meeting between Presidents Xi Jinping and Donald Trump, China’s Commerce Ministry said Thursday.

The two sides are “maintaining close contact” after a Nov. 1 phone call between Xi and Trump, said ministry spokesman Gao Feng.

The two governments have raised tariffs on billions of dollars of each other’s goods in a dispute over Beijing’s technology policy.

“High-level contacts between the two sides on economics and trade have resumed following the Nov. 1 conversation between the Chinese and American heads of state,” said Gao. “The work team is maintaining close contact to earnestly implement the consensus reached by the two heads of state.”

Xi and Trump are due to meet this month at a gathering of the Group of 20 major economies in Argentina.