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Federal Reserve finalizes plan to restructure banking supervision department

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ME News message: On June 25 (UTC+8), Michel Bowman, the Federal Reserve Vice Chair responsible for supervision, has completed a restructuring of the institution’s bank supervision division, aiming to shift her work focus to the financial risks she considers crucial. “This restructuring marks an important step in refocusing our efforts on supervising significant financial risks, while also striving to make the Fed’s bank supervision more effective, efficient, fair, and transparent, and to strengthen public accountability,” Bowman wrote in a memorandum to staff. These adjustments to the Division of Supervision and Regulation will take effect on July 12, at which time personnel and resources will be reassigned to four functional groups: Supervision; Financial Research, Risk and Applications; Regulation and Policy; and Business Enablement. Bowman also said the division will begin recruiting various types of leadership and regular staff. (Source: Jinshi)
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