U.S. Federal Reserve’s New Supervision Chief Will Wield Crypto Authority
The Federal Reserve — a key regulator of U.S. banking — is about to have a new vice chairman for supervision, Michelle Bowman, who will ultimately guide how the Fed oversees the financial system, possibly including how stablecoin issuers are regulated.
After a tight party-line confirmation vote in the Senate approved the Kansas Republican’s nomination 48-46, Bowman, who has already been serving as one of the Fed board’s governors, will now be elevated to one of its leadership roles. The supervision job was created after the 2008 global financial meltdown and is meant to help focus the central bank’s regulatory role as distinct from its better-known job marshaling U.S. monetary policy.
Banking has been a sore spot for the crypto…
