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Story summary
- The Federal Reserve is shifting its bank supervision toward prioritizing material financial risks, as outlined in a memo by Michelle Bowman, Vice Chair for Supervision.
- The overhaul includes a planned 30% reduction in staff.
- Critics, including former Fed Vice Chair Michael Barr, warn the changes could weaken the Fed's ability to identify and manage risks.
- Bowman’s actions reflect a broader trend of regulatory relief since her appointment.
