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FRB Governor Bowman Speaks on Bank Regulation and Supervision
February 23, 2023Federal Reserve Board (“FRB”) Governor Michelle Bowman gave remarks last week to the American Bankers Association (“ABA”) Community Banking Conference. Governor Bowman discussed the role of FRB independence, predictability and tailoring in the FRB’s Bank Regulatory and Supervision function, as opposed to its monetary policy function. Governor Bowman noted that Chair Powell recently discussed FRB independence as it pertains to supervision and regulation in his speech at the Swedish Central Bank in January that we also discussed at the time. She noted that while this independence is important, it is appropriately accompanied by accountability through mechanisms such as Congressional oversight. She noted, however, that accountability to Congress wasn’t enough, and that transparency to the public (including regulated institutions) was also a requirement.
