Gallego, Warren, Colleagues Push Fed Vice Chair Bowman on Troubling Leadership of Fed’s Supervision and Regulation Division

“This is a toxic mix of actions that leaves our banking system vulnerable to more bailouts and financial crashes, which will harm American families already struggling in President Trump’s economy.”

WASHINGTON – Today, Senators Ruben Gallego (D-AZ) and Elizabeth Warren (D-MA), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, along with colleagues on the Banking Committee, sent a letter to Federal Reserve Vice Chair for Supervision Michelle Bowman, pressing Bowman on reports that she may have applied pressure or removed some of the Federal Reserve’s bank examiners from their roles after bank executives lodged complaints with her.

“It is critical that examiners be allowed to evaluate banks’ safety and soundness and their compliance with applicable laws and regulations without fear or favor. If the reporting is accurate, your decision to remove bank examiners at the request of banks themselves would be highly inappropriate and would create a chilling effect across the entire bank examiner workforce. Ultimately, American families and taxpayers may suffer the economic consequences of your efforts to relax the Fed’s oversight of the banking system,” the Senators wrote.

Read the full text of the letter HERE.

The letter was also signed by Senators Chris Van Hollen (D-MD), Jack Reed (D-RI), Andy Kim (D-NJ), and Angela Alsobrooks (D-MD).

Earlier this month, Senator Gallego led Senate Banking Committee colleagues in calling on Federal Reserve Governor Stephen Miran to immediately resign from the Federal Reserve Board after his term expired on January 31, 2026. Following the letter, Miran resigned from his position on the President’s Council of Economic Advisors.

Senator Gallego has introduced theFed Integrity and Independence Actto prohibit members of the Federal Reserve from holding multiple positions appointed by the President, including under a leave of absence. The bill came after the Senator questioned Miran about his commitment to preserving the independent, nonpolitical role of the Federal Reserve during his confirmation hearing.

Senator Gallego has also introduced the bipartisan Fed Forward Act to strengthen transparency, accountability, and public confidence in the Federal Reserve by codifying key communication and governance practices that are not currently required by statute.