TechFlow, June 5 — According to Eleanor Terrett's disclosure, the U.S. Senate confirmed Michelle Bowman as Vice Chair for Supervision of the Federal Reserve by a vote of 48 to 46, appointing her to a four-year term and officially succeeding Michael Barr as the Fed's top regulator. Bowman, previously a community banker, has long focused on concerns regarding excessive government regulation of small lending institutions. Reports indicate she plans to reduce regulatory burdens and streamline leverage requirements and stress testing procedures. Industry insiders note that Bowman is supportive of cryptocurrency, having stated in speeches that she welcomes discussions on innovation within the financial system.
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