#الاحتياطي_الفيدرالي - a major regulator of the U.S. banking system - is about to have a new Vice President for oversight, Michelle Bowman, who will ultimately guide how the Federal Reserve oversees the financial system, including possibly how to regulate stablecoin issuers.
After a narrow party-line confirmation vote in the Senate that approved the Kansas Republican's nomination by a vote of 48-46, Bowman, who was already serving as one of the Federal Reserve governors, will now be elevated to one of its leadership roles. The oversight position was created after the global financial collapse in 2008 and aims to help focus the central bank's regulatory role separately from its more famous function of directing U.S. monetary policy.
The banking sector has been a sore point for the cryptocurrency industry, and the Federal Reserve - along with the other two banking agencies, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation - has taken a very cautious stance toward cryptocurrencies. The sector and its allies in Congress have blamed the agencies for pressuring the banking system to cut off banking services to companies and individuals working in the digital asset space, threatening the health of the industry, although this changed after Donald Trump became President of the United States again this year. In April, the Federal Reserve joined other regulators in lifting previous restrictions on banks' interactions with the industry.
The potential role of the Federal Reserve regarding stablecoin issuers remains unclear as regulatory legislation is still under discussion. Republican lawmakers have worked hard to push the central bank away from stablecoin duties, but the latest legislation under consideration still expects the Federal Reserve to regulate the issuance of stablecoins at the banks it oversees, as well as its role in assessing whether foreign regulators are sufficiently equipped to deal with issuers outside the United States.
While Democrats preferred the Federal Reserve's duty as a watchdog over non-bank issuers, the current legislation being discussed on the Senate floor places the Office of the Comptroller of the Currency in this position.
In her new role, Bowman will work under the supervision of Federal Reserve Chair Jerome Powell, who has stated in the past that he will delegate oversight responsibilities to the Vice Chair. She replaces her Democratic predecessor Michael Barr in this position, although he remains on the board.
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