Bowman’s Confirmation as Vice Chair for Supervision Would be Major Win in Big Banks’ Quest to Deregulate Financial System
For the rest of us, Bowman’s potential promotion is a blow to the soundness of our financial system
WASHINGTON — The U.S. Senate Committee on Banking today voted to confirm Federal Reserve Governor Michelle Bowman to be the next vice chair for supervision. Bowman’s confirmation comes just after 100 days of turbulence and turmoil in financial markets caused by President Trump’s financial policies, including attacks on independent regulators like the Federal Reserve. In response, Elyse Schupak, policy advocate with Public Citizen’s Climate Program, issued the following statement:
“Michelle Bowman is the wrong choice to lead regulatory policymaking at the Federal Reserve. In a moment of significant economic and financial uncertainty, rolling back safeguards and loosening regulatory requirements for banks will only increase risks throughout the financial system.
“Ms. Bowman’s position that ‘climate is not an issue within the remit of the Federal Reserve’ ignores the significant risks to lenders, homeowners, municipalities, and communities from growing climate disasters and instability in property insurance markets. Ignoring the risks climate change poses to banks under the Federal Reserve’s supervision and the broader financial system will only increase fragility and make the financial system more vulnerable to shocks.
“As risks continue to materialize, they will fall most directly on the American people, whose economic well being depends on a safe and sound banking sector and a stable financial system.”
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