Scott Statement on Michelle Bowman’s Nomination to Serve as Federal Reserve Vice Chair for Supervision
Washington, D.C. – Senate Banking Committee Chairman Tim Scott (R-S.C.) released the following statement after President Trump announced the nomination of Michelle Bowman to serve as Vice Chair for Supervision of the Board of Governors of the Federal Reserve System.
“Since 2018, Governor Michelle Bowman has been an important voice on the Federal Reserve Board in pushing back on burdensome rules and regulations that stifle economic opportunity. I’ve long called for more accountability at the Federal Reserve, and I’m hopeful that Governor Bowman will help increase transparency around the regulatory and supervisory work of the Board. As a former community banker and state regulator, she brings a unique skillset and perspective to the role of Vice Chair for Supervision. There is significant work ahead to rightsize our regulatory framework and remove politics from our federal financial regulators,” said Chairman Scott.
BACKGROUND:
On January 6, 2025, the Federal Reserve Board announced that Michael Barr would resign as Vice Chair for Supervision, effective February 28, 2025. Chairman Scott highlighted that Barr had “failed to meet the responsibilities of his position” and emphasized the importance of having responsible financial regulators at the helm of the Federal Reserve Board.
On March 3, 2025, Chairman Scott and House Financial Services Committee Chairman French Hill (R-Ark.) led a letter to Treasury Secretary Scott Bessent highlighting the need to quickly fill the role of Vice Chair for Supervision of the Board of Governors of the Federal Reserve System. In the letter, Chairman Scott and his colleagues wrote, “past gaps and poor leadership within the VCS role on the Board’s Committee on Supervision and Regulation has led to disfunction at the Board and contributed to the second, third, and fourth largest bank failures in our nation’s history. Only a VCS empowered in that position can effect necessary changes at the Board as quickly as is possible.”
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