The U.S. Senate Committee on Banking, Housing and Urban Affairs published a statement from Chairman Tim Scott following President Trump’s announcement of Federal Reserve Governor Michelle Bowman’s nomination to serve as Vice Chair for Supervision at the Board of Governors of the Federal Reserve System. Scott described Bowman as an important voice on the Federal Reserve Board since 2018 in opposing what he characterized as burdensome regulation, and said he expects her to increase transparency and accountability around the Board’s regulatory and supervisory work. The statement also reiterated his criticisms of outgoing Vice Chair for Supervision Michael Barr, whose resignation the Federal Reserve Board announced on 6 January 2025 with an effective date of 28 February 2025, and referenced a 3 March 2025 letter led by Scott and House Financial Services Committee Chairman French Hill urging Treasury Secretary Scott Bessent to move quickly to fill the role, citing concerns about past leadership gaps in the position.
U.S. Senate Committee on Banking, Housing and Urban Affairs 2025-03-17
U.S. Senate Committee on Banking, Housing and Urban Affairs chair welcomes Michelle Bowman nomination as Federal Reserve Vice Chair for Supervision
The U.S. Senate Committee on Banking, Housing and Urban Affairs released a statement from Chairman Tim Scott on President Trump's nomination of Federal Reserve Governor Michelle Bowman as Vice Chair for Supervision. Scott praised Bowman for opposing burdensome regulation and expects her to enhance transparency and accountability at the Federal Reserve Board. He criticized outgoing Vice Chair Michael Barr and urged swift action to fill the role, highlighting concerns over previous leadership gaps.