(Bloomberg) – U.S. Federal Reserve Governor Michelle Bowman is heading for vice-chairman as oversight vice-chairman, who has turned to the banking community for three employee draft picks, according to people familiar with the matter.
New staff include Randall Guynn, chairman of the Financial Institutions Group of Davis Polk & Wardwell, New York, until earlier this month. Guynn has advised clients on acquisitions in about four decades at law firms and has testified everything from Stablecoins to banking regulation.
The Fed also added Aleksandra Wells, until recently, Goldman Sachs Group Inc. served as vice president for government affairs. She used to work with the Fed for about a decade, including advising Bowman for six years. Francisco Covas, an economist headquartered in Washington-based research director of the Banking Institute for Policy Studies, is also a new employee. He has worked for the Fed before.
Bowman is expected to resign from her predecessor Michael Barr as vice-chairman who served as Fed earlier this year, so it feels more tactful to bank regulations than her predecessor Michael Barr has resigned. She often calls for more “tailored” oversight and harshly criticizes regulators’ proposals, requiring banks to hold more capital to buffer losses.
The employees were selected by Bowman himself, but have been hired by the Federal Reserve to work in its oversight and regulatory departments. People say the characters were posted this week on the Fed’s internal organization chart, asking people who are reluctant to identify those who discuss undisclosed information.
A Fed spokesman declined to comment. The three staff members did not immediately respond to requests for comment.
The Senate Banking Committee nominated Bowman as the Fed’s top bank police nomination on Tuesday. She must get full Senate confirmation.
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