Bowman vows to restore regulatory tailoring in testimony

Federal Reserve Governor Michelle Bowman stated before Congress that, if confirmed by the Senate as vice chair for supervision, she will prioritize refocusing bank supervision and reinstatement of regulatory tailoring.

“As I work toward improvements in bank regulation, together with counterparts at the other agencies, I will continue to rely on a tailored approach, especially for community and regional banks. Tailoring is fundamental to ensuring we maintain and enhance the diversity of the U.S. banking system, which must include and support banks of all sizes.”

She continues, “The U.S. regulatory framework has grown expansively to become overly complicated and redundant, with conflicting and overlapping requirements. This growth has imposed unnecessary and significant costs on banks and their customers.”

Read more of Bowman’s testimony from the nomination hearing in Congress here.