The American Senate confirmed Michelle “Miki” Bowman as President Donald Trump to be vice-president of the Federal Reserve supervision, reporting a potential change in the central bank’s regulatory approach after the departure of Michael Barr.
During a 48-46 vote on June 4, the senators confirmed that Bowman was vice-president of supervision, allowing him to introduce political recommendations and supervise the supervision and regulation of companies under the Fed Authority. Wyoming senator Cynthia Lummis, often defender of cryptocurrencies at the congress, described the confirmation of “turning for digital assets”.
“Miki’s commitment to the regulations based on evidence on political considerations will strengthen the financial system of America,” said Lummis.
Bowman had been a member of the Fed Governors’ Council since 2018, during which she spoke out against the potential risks of the Central Bank digital currencies (CBDC) and stablescoins without regulatory managers. However, it did not directly deal with any potential policy position on digital assets during its appointment audience in April.
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“The previous speeches and commitment of Governor Bowman have demonstrated an in -depth understanding of the evolution of the blockchain landscape and digital assets,” said the acting president and CEO of the Crypto Council for Innovation, Ji Hun Kim, in a March statement after his appointment. “His desire to explore and discuss the advantages and potential challenges of emerging technologies, including digital assets, reflects a commitment to develop informed policies.”
Fed policies on crypto and beyond
The Fed vice-president for supervision was the most recent choice of Trump to be confirmed by the Senate, in the midst of many members of the congress calling for surveys of the president’s potential conflicts of the president with the cryptographic industry. The Senate of Agriculture Committee should also examine the appointment of Trump on Brian Quintenz to preside over the Commodity Futures Trading Commission on June 10.
https://www.youtube.com/watch?v=ziirhv3cbog
Jerome Powell, as president of the Fed since 2018, was a frequent target of Trump criticism and republicans for not having reduced interest rates in the United States. In January, the president encouraged the congress to move forward with “a larger regulatory device around crypto”, in response to the potential risks of stablecoins.
The central bank traditionally operates independently in determining the country’s monetary policies, but it can face the political pressure of the White House, Legislators and Residents.
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