According to Foresight News, the Federal Reserve will welcome new Vice Chair for Supervision Michelle Bowman. She will guide the Federal Reserve on how to regulate the financial system, including the regulation of stablecoin issuers. The Senate confirmed the nomination of Kansas Republican Michelle Bowman with 48 votes in favor and 46 against. She will be promoted to one of the Federal Reserve's leadership positions, which was established after the 2008 global financial crisis to help the Federal Reserve focus on its regulatory functions, distinct from U.S. monetary policy formulation.