Senate Confirms Bowman as Fed Vice Chair for Supervision 48-46

U.S. Senator Cynthia Lummis (R-WY) has expressed optimism regarding the confirmation of Michelle “Miki” Bowman as the Vice Chairman for Supervision of the Federal Reserve Board, suggesting that this development could significantly impact the crypto market. The Senate voted 48 to 46 in favor of Bowman assuming the new role, following the resignation of Michael Barr on February 28th.

Lummis took to the social media platform X to share her enthusiasm about the confirmation. She stated, “I’m thrilled that the Senate has confirmed Miki Bowman as Vice Chair of Supervision at the Federal Reserve. 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.”

During her nomination hearing in April, Bowman emphasized the importance of regulators promoting innovation within the banking system. She noted, “To remain viable and competitive, banks must be able to consider new technologies that can improve products and services, and lower costs. Regulators should adopt an approach that encourages and promotes sensible innovation.”

The Crypto Council for Innovation (CCI) also supported Bowman’s nomination in March. CCI President and Acting Chief Executive Officer Ji Hun Kim commented, “Her willingness to explore and discuss the potential benefits and challenges of emerging technologies, including digital assets, reflects a commitment to informed policymaking. We believe that Governor Bowman’s experience, coupled with her strong support for responsible innovation, makes her an exceptional choice for Vice Chair.”

Bowman’s appointment is expected to bring a fresh perspective to the Federal Reserve’s approach to digital assets and financial innovation. Her term will last for four years, during which she will play a crucial role in shaping the regulatory framework for the crypto industry. This development is seen as a positive step towards fostering a more balanced and accountable regulatory environment for digital assets in the United States.