Fed to overhaul supervision along regional lines
Bowman says restructuring aimed at implementing ‘culture of accountability’ following SVB collapse
The Federal Reserve System is reorganising its prudential approach, its vice-chair for supervision announced on October 6.
Michelle Bowman said the first step would involve realigning supervision into five regions, each of which would be led by a figure who would be accountable for all supervisory activity in that region. Each region would also be supported by the existing reserve banks, though the regions’ remits would reflect the boundaries of entire US states rather than the Fed’s 12 districts
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