WASHINGTON, D.C.—Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with Better Markets’ new Fact Sheet, “Ten Reasons that Michelle Bowman Is the Wrong Choice to Lead Bank Regulation and Supervision at the Fed,” ahead of Federal Reserve (Fed) Governor Michelle Bowman’s nomination hearing for the position of Federal Reserve Board Vice Chair for Supervision.

“The position of Vice Chair for Supervision was created to make sure that the 2008 financial crash never happened again, and to ensure that the Fed is prioritizing the protection of main Street Americans and the safety and soundness of the banking system. Unfortunately, Governor Bowman has been advocating for policies and positions that favor the most dangerous Wall Street megabanks, rather than the best interests of Main Street.

“During the first Trump administration, the Vice Chair ignored the lessons of the 2008 Crash and deregulated the banks and there is every indication that is going to happen again, only worse. Our Fact Sheet details concerns that the Senate should consider, and all Americans should have, about this nomination. These concerns include Bowman championing deregulation, being against stronger capital requirements for the largest banks, opposing robust stress testing, and supporting the crypto industry’s penetration of the banking system.

“The Senate should consider these concerns and ask whether Governor Bowman will, in fact, fulfill the statutory role intended for the Fed’s Vice Chair for Supervision, which is to prioritize Main Street Americans, community banks, small businesses, and a safe, sound, and fair banking system as they evaluate her nomination.

The Fact Sheet is available here.

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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies—including many in finance—to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.org.