TechFlow, June 6 — According to CoinDesk, the Federal Reserve is set to welcome new regulatory vice chair Michelle Bowman, who will guide the Fed's oversight of the financial system, potentially including how stablecoin issuers are regulated.
Bowman was confirmed by the Senate in a 48-46 vote, elevating her from a regular board member to a leadership role. The position of regulatory vice chair was established after the 2008 global financial crisis to separate the Fed's regulatory responsibilities from its monetary policy functions. Bowman will serve under Federal Reserve Chair Jerome Powell, who previously stated he would delegate leadership of the regulatory agenda to the vice chair.
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