The US Senate committee has advanced Bowman's nomination for vice chair of Federal Reserve supervision

The Senate Banking Committee has moved forward with the nomination of Michelle Bowman to serve as the Federal Reserve's vice chair of supervision, bringing her one step closer to an approval vote. Ms. Bowman is expected to support looser bank regulation than Mr. Barr, who resigned from the role earlier this year. She has often called for "tailored" regulation and sharply criticised a proposal that would require many banks to significantly increase their capital bases to cushion losses. She also said regulators should better coordinate the goals of the financial system. Earlier this year, Treasury Secretary Vincent Bessant invited Ms. Bowman and other bank regulators to a private meeting aimed at simplifying regulation.