In testimony delivered at the hearing on her nomination to serve as the Vice Chair for Supervision of the US Federal Reserve System last week, Fed Governor Michelle Bowman laid out four priorities: refocusing supervision, restoring regulatory tailoring, fostering innovation, and promoting transparency.
Bowman argued that supervision must be grounded in applicable law and focus on core risks. "Supervisory expectations should not surprise regulated firms," she stated, adding that while supervision cannot remove risk, it should promote responsible risk management and protect the financial system in case of bank failures.
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