US Senate Confirms Michelle Bowman As Vice Chair for Supervision for Federal Reserve

The US Senate has approved Michelle “Miki” Bowman as the vice chair for supervision for the Federal Reserve, appointed by President Donald Trump. This decision indicates a potential shift in the central bank's regulatory approach following the departure of Michael Barr. With a 48-46 vote on June 4, Bowman will oversee policy recommendations and regulate companies under the Fed's jurisdiction. Senator Cynthia Lummis praised the confirmation, highlighting it as a significant moment for digital assets. Bowman, a member of the Fed's Board of Governors since 2018, has shown a cautious stance on central bank digital currencies and stablecoins without proper regulations. Despite not revealing specific policy stances on digital assets during her nomination hearing, her understanding of blockchain and digital assets has been acknowledged by industry experts. The Senate's confirmation of Bowman comes amidst ongoing discussions on regulatory frameworks for cryptocurrencies and stablecoins. Read more AI-generated news on: https://app.chaingpt.org/news