Story perspectives

Fed's Bowman Faces Backlash Over Bank Supervision Failures

3/9/2026

Summary

Story summary

Federal Reserve Vice Chair Michelle Bowman is facing criticism over her handling of bank supervision after the 2023 failures.
Critics say Bowman's push for a new review aims to shift blame from the Trump administration's deregulation.
The 2018 Economic Growth, Regulatory Relief, and Consumer Protection Act weakened oversight and contributed to risky practices.
Senators Elizabeth Warren and Bernie Sanders condemn the approach and call for accountability of bank executives.

History

Historical Context

The Economic Growth, Regulatory Relief, and Consumer Protection Act, signed by President Trump on May 24, 2018, significantly rolled back Dodd-Frank regulations established after the 2008 financial crisis. By raising the asset threshold for banks considered "too big to fail" from $50 billion to $250 billion, critics argue this deregulation has increased risks in the financial sector, contributing to recent bank failures.

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Story summary

Federal Reserve Vice Chair Michelle Bowman is facing criticism over her handling of bank supervision after the 2023 failures.
Critics say Bowman's push for a new review aims to shift blame from the Trump administration's deregulation.
The 2018 Economic Growth, Regulatory Relief, and Consumer Protection Act weakened oversight and contributed to risky practices.
Senators Elizabeth Warren and Bernie Sanders condemn the approach and call for accountability of bank executives.

1 / 2