Senate Panel Advances Bowman Nomination to Be Fed’s Top Bank Cop

Michelle Bowman’s nomination to become the Federal Reserve’s top bank cop was advanced by the Senate Banking Committee Tuesday, moving her one step closer to a confirmation vote.

Bowman is expected to support a lighter touch on bank regulation than her predecessor, Michael Barr, who resigned as Fed vice chair for supervision earlier this year. She frequently has called for more “tailored” oversight and sharply criticized a landmark proposal that would require banks to hold significantly more capital to buffer against losses.