The U.S. Senate committee approves Bowman to serve as Vice Chair for Supervision at the Federal Reserve, moving closer to final confirmation

On May 6th, Michelle Bowman’s nomination as the Federal Reserve's top bank regulator received support from the U.S. Senate Banking Committee, bringing her one step closer to final confirmation voting. Bowman is expected to adopt a more lenient stance on bank regulation compared to her predecessor, Michael Barr, who resigned earlier this year from his position as Vice Chairman for Supervision at the Federal Reserve. Bowman has repeatedly called for more "tailored" regulatory measures and has strongly criticized a landmark proposal requiring banks to significantly increase their capital to address potential losses