Industry News and Headlines

Democratic Senators Press Bowman on Fed Changes

Democratic senators sent two letters to Fed Vice Chair Michelle Bowman questioning recent supervisory changes, including a 30% staff cut in the Fed's supervision arm and the removal of bank examiners at banks' request. They also demanded answers on her decision to commission an external review of Silicon Valley Bank’s 2023 collapse, after criticizing her predecessor’s internal post‑mortem as inadequate. The lawmakers argue these actions could weaken bank oversight, increase bailout risk, and reflect political interference in the central bank. The Fed has not responded, and the senators seek replies by Feb. 25.