Ahead of Hearing, Warren Presses Bowman on Helping Wall Street Over Working People
Letter from Ranking Member Warren (PDF)
Washington, D.C. – Ahead of today’s nomination hearing, U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing and Urban Affairs Committee wrote to Michelle Bowman, President Trump’s nominee for the Federal Reserve Board’s Vice Chair for Supervision detailing her concern about Bowman’s nomination at a moment of profound economic instability. In her letter, Ranking Member Warren pressed Bowman on her track record of deregulating Wall Street banks, and taking a light touch approach to supervision and enforcement, at the expense of the American people. Warren also questioned Bowman on the Trump Administration’s troubling intrusion on the Fed’s independence.
“Time and again, you have been proven wrong when dismissing the risks to consumers and the financial system of your deregulatory worldview. Pursuing Wall Street deregulation at a time of broad economic turmoil caused by President Trump’s clumsy approach to tariffs would be especially dangerous. President Trump is fanning the flames of disaster with his mismanagement of the nation’s economy. And I am concerned that instead of showing up with the fire department, you will bring a can of gasoline.” wrote Ranking Member Warren.
Ranking Member Warren continued: “perhaps the clearest example of your poor judgment was your vote to roll back rules on massive banks with $100 billion - $250 billion in assets, which ultimately caused the 2nd, 3rd, and 4th largest bank failures in U.S. history just a few years later when First Republic, Silicon Valley Bank, and Signature Bank failed. After these collapses, instead of acknowledging your mistakes and working with Biden administration appointees to clean up the mess, you voted against sensible reforms.”
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