U.S. Senate Michelle “Miki” Bowman has confirmed President Donald Trump’s pick to be vice chairs for administration for the Federal Reserve, which signed a potential change in the regulation of the central bank after the removal of Michael Barr.
In a 48-46 vote on June 4, the senators confirmed Bowman will be the vice chair for administration, allowing him to introduce policy recommendations and manage the administration and regulation of companies under the Fed authority. Wyoming Senator Cynthia Lummis, often a advocate for cryptocurrencies in Congress, praised Confirmation as a “rotation for digital ownership.”
“Miki’s promise of evidence based on evidence in political considerations will strengthen the American financial system,” Lummis said.
Bowman has served as a member of the Board of Fed governors since 2018, at that time he spoke against potential risks of the Central Bank Digital Currencies (CBDC) and Stablecoins without regulating frameworks. However, he is not directly Address Any potential policy position in digital possessions during his or her hearing on the April nomination.
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“The previous speeches and interactions of Governor Bowman have shown an enthusiastic understanding of the emerging blockchain and digital asset landscape,” Says The Crypto Council for Innovation President and Acting CEO Ji Hun Kim in a statement in March following his nomination. “His willingness to explore and discuss the potential benefits and challenges of emerging technologies, including digital possessions, reflects a commitment to policy -making knowledge.”
Fed Crypto policy and more
The Fed Vice Chair for Administration is Trump’s latest choice to be confirmed by the Senate, amongst many in Congress Calling for investigations In the President’s potential conflicts of interest in the crypto industry. The Senate Agriculture Committee is also Scheduled to consider Trump’s nomination of Brian Quintenz to rule the Commodity Futures Trading Commission on June 10.
https://www.youtube.com/watch?v=ziirhv3cbog
Jerome Powell, which has been the Fed seat since 2018, is a frequent target of Trump’s criticism and Republicans for not cutting interest rates in the US. In January, the chair Encouraged Congress to move forward with “a greater regulation of policy around crypto,” in response to potential risks from stablecoins.
The central bank traditionally operates independently in determining the country’s financial policies, but it can deal with the political pressure from the White House, the legislature, and the residents.
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