Senate Confirms Bowman as Fed Supervision Vice Chair

Michelle Bowman has been confirmed by the U.S. Senate as the Federal Reserve's vice chair for supervision in a 48-46 vote, underscoring sharp partisan divisions over banking regulation. Bowman, who has served as a Fed governor since 2018 and is a former community banker, will succeed Michael Barr. She is expected to advocate for lighter, more tailored oversight aligned with Trump administration priorities, pledging to simplify financial regulations and enhance transparency. Supporters praise her industry experience, while critics, including Sen. Elizabeth Warren, warn her approach may favor Wall Street over economic stability. Bowman's appointment has ignited debate about the proper balance between innovation and effective oversight in the banking system. She has also stated the Fed's independence should primarily apply to monetary policy, not as much to regulatory matters.