Fed’s Bowman confirmed as vice chair for supervision; Lummis calls it a win for crypto
Quick Take
- Federal Reserve Governor Michelle Bowman was confirmed by the Senate on Wednesday to serve the top regulatory role at the central bank.
- Sen. Cynthia Lummis said the confirmation signals a brighter future for digital assets.
The US Senate confirmed Federal Reserve Governor Michelle Bowman to serve as vice chair for supervision at the central bank — a move that Sen. Cynthia Lummis said "signals a brighter future for digital assets."
Bowman, who received President Trump's nomination for the role in March, secured confirmation in a 48-46 Senate vote. She has served as a Fed governor since 2018.
"I'm thrilled that the Senate has confirmed Miki Bowman as Vice Chair of Supervision at the Federal Reserve," said Lummis in an X post. "Her confirmation represents a turning point for digital assets and brings much-needed balance and accountability to Fed banking supervision. Miki's commitment to evidence-based regulation over political considerations will strengthen America's financial system."
In April, Bowman said during her testimony before the Senate Banking Committee that the U.S. regulatory framework has "grown expansively to become overly complicated and redundant," with conflicting and overlapping requirements. She did not mention cryptocurrency at the nomination hearing.
"The Federal Reserve's Vice Chair for Supervision plays a critical role in safeguarding our banking system and ensuring a prosperous economy," Sen. Tim Scott, who chairs the Senate Committee on Banking, Housing, and Urban Affairs, said in a statement Wednesday.
"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," Scott added.
The Crypto Council for Innovation has also voiced support for Bowman. "Governor Bowman's past speeches and engagement have demonstrated a keen understanding of the evolving blockchain and digital asset landscape," the CCI said in March. "Her willingness to explore and discuss the potential benefits and challenges of emerging technologies, including digital assets, reflects a commitment to informed policymaking."
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