Senate Banking Committee Chairman Tim Scott has issued a statement following President Trump’s nomination of Michelle Bowman as Vice Chair for Supervision of the Board of Governors of the Federal Reserve System. Scott highlighted Bowman’s contributions since 2018, stating, “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.”
Scott expressed hope that Bowman would enhance transparency within the Board’s regulatory and supervisory work. He emphasized her background as a community banker and state regulator, which he believes equips her with a unique skill set for the role. “There is significant work ahead to rightsize our regulatory framework and remove politics from our federal financial regulators,” said Scott.
The nomination follows Michael Barr’s resignation as Vice Chair for Supervision, effective February 28, 2025. Scott had previously criticized Barr’s performance, asserting that he “failed to meet the responsibilities of his position.”
On March 3, 2025, Scott and House Financial Services Committee Chairman French Hill addressed Treasury Secretary Scott Bessent in a letter underscoring the urgency of filling the Vice Chair for Supervision position. They pointed out past leadership gaps contributing to significant bank failures in U.S. history and stressed that only an empowered Vice Chair could implement necessary changes swiftly.
