Senate Advances Michelle Bowman’s Nomination for Federal Reserve Vice Chair

The U.S. Senate Banking Committee voted 13 to 11 in favor of advancing the nomination of Michelle Bowman for Vice Chair for Supervision at the Federal Reserve. The committee’s approval paves the way for her nomination to be considered by the full Senate. Ms. Bowman has indicated a more progressive stance toward digital assets and their potential role within the financial system, advocating for collaboration between state and federal governments to effectively regulate stablecoins while lawmakers develop related legislation.