The US Senate Committee approved Bowman to be the vice chairman of the Federal Reserve for regulation, a step closer to final confirmation.

On May 6, Bowman's nomination as the top banking regulator at the Federal Reserve was advanced by the U.S. Senate Banking Committee, bringing him one step closer to final confirmation. Bowman is expected to take a more lenient approach to bank regulation compared to his predecessor, Michael Barr, who resigned from his position as vice chairman in charge of supervision at the Federal Reserve earlier this year. Bowman has repeatedly called for more "tailored" regulatory measures and strongly criticized a landmark proposal requiring banks to significantly increase capital to address potential losses.