The U.S. Senate has confirmed Michelle "Miki" Bowman as the Vice Chair for Supervision of the Federal Reserve, nominated by President Donald Trump, marking a potential significant shift in central bank regulatory policy following Michael Barr's departure.
In a vote on June 4, the Senate confirmed Bowman for the supervisory role with a vote of 48 to 46, a position that will enable her to propose policy recommendations and oversee the regulatory work of businesses under the Federal Reserve's authority. Wyoming Senator Cynthia Lummis, a staunch supporter of cryptocurrency in Congress, praised the appointment as a "turning point for the development of digital assets."
"Miki's commitment to a regulatory approach based on evidence rather than political factors will further strengthen the U.S. financial system," Lummis stated.
Bowman has served as a member of the Federal Reserve Board since 2018, during which she has publicly warned about the potential risks of central bank digital currencies (CBDCs) and stablecoins in the absence of a regulatory framework. However, she did not clearly state her specific policy stance on digital assets during her nomination hearing in April.
"Director Bowman's past speeches and professional involvement have demonstrated her deep understanding of the evolving blockchain and digital asset space," said Ji Hun Kim, Chair of the Cryptocurrency Innovation Committee and Acting CEO, in a statement following Bowman's nomination in March. "Her willingness to explore the potential benefits and challenges of emerging technologies, including digital assets, reflects her strong commitment to developing informed policies."
The Vice Chair for Supervision of the Federal Reserve is the latest Trump nominee confirmed by the Senate, while several members of Congress are calling for an investigation into potential conflicts of interest between the president and the cryptocurrency industry. The Senate Agriculture Committee is also set to review Trump's nomination of Brian Quintenz to serve as Chair of the Commodity Futures Trading Commission on June 10.
Jerome Powell has served as Chair of the Federal Reserve since 2018 and has frequently been a target of criticism from Trump and Republicans for not lowering U.S. interest rates. In January, regarding the risks posed by stablecoins, Chair Powell urged Congress to advance "a more robust regulatory framework around cryptocurrencies."
Central banks typically operate independently when formulating national monetary policy, but they may still face political pressure from the White House, lawmakers, and the public.
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Original: “Lummis: Fed Personnel Appointment Signals a ‘Brighter Future for Digital Assets’”
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