Senate Banking Committee Chairman Tim Scott has expressed his approval following the confirmation of Michelle Bowman as Vice Chair for Supervision of the Board of Governors of the Federal Reserve System. The confirmation was carried out by the United States Senate.
"The Federal Reserve’s Vice Chair for Supervision plays a critical role in safeguarding our banking system and ensuring a prosperous economy," stated Chairman Scott. He added, "During the previous administration, we saw the negative impacts of poor direction in the position, which is why I called on the Trump administration to quickly fill the role and restore accountability at the Federal Reserve. I look forward to working with Vice Chair Bowman to increase transparency in financial regulation, rightsize our regulatory framework, and protect access to credit for hardworking Americans."
The context surrounding this appointment includes Michael Barr's resignation from the same position on February 28, 2025. Chairman Scott had previously criticized Barr's performance, stating he "failed to meet the responsibilities of his position" and stressed the necessity for competent financial regulators at the Federal Reserve Board.
On March 3, 2025, Chairman Scott and House Financial Services Committee Chairman French Hill addressed a letter to Treasury Secretary Scott Bessent. The letter emphasized urgency in filling the Vice Chair for Supervision role due to its significant impact on preventing bank failures.
Chairman Scott commended Governor Bowman's "unique skillset and perspective" upon her nomination. During her committee hearing in April 2025, he remarked that she would bring "accountability and transparency to the Fed" while maintaining its independence from political influences. Her nomination was advanced by the Senate Banking Committee on May 6, 2025.
