The Federal Reserve’s top banking supervisor plans to shrink the Washington-based board’s staff by 30 per cent, amid a push by the Trump administration to deregulate the financial sector.
Michelle Bowman, the Fed’s vice-chair for supervision, on Thursday unveiled a proposal to lower the headcount of the central bank’s supervision and regulation department from 500 to roughly 350 employees by the end of 2026.
An email sent to staff, seen by the Financial Times, said the central bank would try to lower headcount “as much as possible through natural attrition, retirements, and by offering a voluntary separation incentive to all S&R division employees, with details to come in the following weeks”.
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