Fed Governor Michelle Bowman Calls for Tailored Bank Supervision

In a significant testimony before the US Senate Committee on Banking, Housing, and Urban Affairs, Federal Reserve Governor Michelle Bowman emphasized the need for a tailored approach to bank supervision. Bowman highlighted the importance of focusing on core financial risks to ensure the stability and efficiency of the banking system.

"I am committed to reforming supervision, restoring regulatory tailoring, and fostering innovation within the banking sector," Bowman stated. She criticized the current regulatory framework as being overly complicated and redundant, which unnecessarily increases costs for banks and their customers.

Appointed by President Donald Trump as the new Vice Chair of Supervision, Bowman is poised to play a pivotal role in overseeing banking regulation at the Federal Reserve. Her leadership is expected to bring about significant changes in how banks are supervised, with a strong emphasis on transparency and accountability.