Michelle Bowman Confirmed as Fed Vice Chair for Supervision
The U.S. Senate confirmed Michelle Bowman as the vice chair for supervision at the Federal Reserve, a decision hailed by Senator Cynthia Lummis as promising for the future of digital assets. Bowman, nominated by President Trump, was confirmed with a narrow vote of 48-46 and has been serving as a Fed governor since 2018. Lummis expressed enthusiasm about the confirmation, emphasizing Bowman's dedication to evidence-based regulation which she believes will enhance the U.S. financial system. During her past testimonies, Bowman has criticized the current regulatory framework as overly complex. Senator Tim Scott highlighted the importance of the vice chair in maintaining banking system stability. The Crypto Council for Innovation also supports Bowman, citing her understanding of blockchain and digital assets. Disclaimer: The Block is an independent media outlet with financial disclosures regarding investments within the crypto industry.
FAQ
❓ Who is Michelle Bowman?
Michelle Bowman is a Federal Reserve Governor recently confirmed as the vice chair for supervision.
❓ Why is her confirmation significant?
Her confirmation is seen as a positive development for digital assets regulation.
❓ What are Bowman's views on regulation?
She advocates for evidence-based regulation and has criticized the complexity of the current regulatory framework.