(Bloomberg) — US Federal Reserve Governor Michelle Bowman, who’s on track to become vice chair for supervision, has turned to the banking world for three staff picks, according to people familiar with the matter.
The new staffers include Randall Guynn, who was chairman of Davis Polk & Wardwell’s financial institutions group in New York until earlier this month. Guynn has advised clients on acquisitions during his roughly four decades at the law firm and has testified on everything from stablecoins to bank regulation.
The Fed also added Aleksandra Wells, until recently a vice president in Goldman Sachs Group Inc.’s government affairs unit. She previously worked at the Fed for about a decade-long stint that included six years advising Bowman. Economist Francisco Covas, who was head of research at the Washington-based Bank Policy Institute, is also a new staffer. He previously worked at the Fed.
Bowman is expected to support a lighter touch on bank regulation than her predecessor, Michael Barr, who resigned as Fed vice chair for supervision earlier this year. She frequently has called for more “tailored” oversight and sharply criticized regulators’ proposal requiring banks to hold significantly more capital to buffer against losses.
The hires were handpicked by Bowman, but have been employed by the Fed to work in its Supervision and Regulation Division. The roles were posted on the Fed’s internal organizational chart this week, said the people, who asked not to be identified discussing information not yet made public.
A spokesperson for the Fed declined to comment. The three staffers did not immediately respond to requests for comment.
The Senate Banking Committee on Tuesday advanced Bowman’s nomination as the Fed’s top bank cop. She must be confirmed by the full Senate.
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