Chairman, Tim Scott (R-SC) of U.S. Senate Committee on Banking, Housing, and Urban Affairs. | https://www.banking.senate.gov/about/ranking-member
Chairman, Tim Scott (R-SC) of U.S. Senate Committee on Banking, Housing, and Urban Affairs. | https://www.banking.senate.gov/about/ranking-member
Senate Banking Committee Chairman Tim Scott has commented on the nomination of Michelle Bowman as Vice Chair for Supervision of the Board of Governors of the Federal Reserve System. President Trump announced Bowman's nomination following the resignation of Michael Barr, effective February 28, 2025.
Chairman Scott expressed his support for Bowman, citing her contributions since 2018 on the Federal Reserve Board in challenging restrictive regulations. He stated, “Since 2018, Governor Michelle Bowman has been an important voice on the Federal Reserve Board in pushing back on burdensome rules and regulations that stifle economic opportunity. I’ve long called for more accountability at the Federal Reserve, and I’m hopeful that Governor Bowman will help increase transparency around the regulatory and supervisory work of the Board.”
Scott highlighted Bowman's background as a community banker and state regulator, emphasizing her unique skills and perspective for the role. He remarked on the significant task ahead to adjust regulatory frameworks and depoliticize federal financial regulation: “As a former community banker and state regulator, she brings a unique skillset and perspective to the role of Vice Chair for Supervision. There is significant work ahead to rightsize our regulatory framework and remove politics from our federal financial regulators.”
The context includes recent leadership challenges within the Federal Reserve's supervisory roles. On March 3, 2025, Scott collaborated with House Financial Services Committee Chairman French Hill in a letter to Treasury Secretary Scott Bessent stressing the urgency of filling this position. The letter pointed out that past inadequacies in leadership have led to substantial bank failures in U.S. history: “past gaps and poor leadership within the VCS role on the Board’s Committee on Supervision and Regulation has led to disfunction at the Board and contributed to the second, third, and fourth largest bank failures in our nation’s history. Only a VCS empowered in that position can effect necessary changes at the Board as quickly as is possible.”
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