Bowman Avoids Comment on Whether She Intends to Become Fed Chair, Says Focused on Current Regulatory Responsibilities
Federal Reserve Governor Bowman stated that she is currently still focused on regulatory responsibilities, including plans to reform capital rules for large banks and to eliminate the so-called 'debanking' phenomenon.
'I have a huge agenda. We are moving quickly,' said Bowman, the Fed's top bank regulatory official, 'Clearly we need to get the capital proposals done in the near future.'
When asked whether she is interested in becoming Fed Chair instead of her current role as Vice Chair for supervision, Bowman did not respond directly. She is reportedly among the candidates under consideration by Trump for the next Fed Chair.
'I am very focused on the work I am doing,' the Fed's top bank regulatory official said. She noted that the Fed is reviewing various capital rules and plans to reintroduce some key measures, but these proposals are not expected to change due to the selection of a new chair.
The Fed previously committed that its examiners would no longer consider reputational risk when conducting bank examinations, responding to calls from some banking groups and Republican lawmakers. They have called for the termination of this practice, which critics view as unfair.
Trump has criticized the phenomenon of certain individuals or businesses being deprived of banking services as being driven by ideological factors. However, some consumer rights advocacy groups argue that this issue has been exaggerated and question whether there is really evidence to suggest that banking regulators have forced lending institutions to terminate services to certain businesses solely for ideological reasons.