Internet reports that the U.S. Senate Banking Committee has advanced the nomination of Michelle Bowman as Vice Chairman of the Federal Reserve's Regulation, bringing her one step closer to entering the approval vote. Bowman is expected to support looser bank supervision than Barr, who resigned from the job earlier this year. She has often called for "tailor-made" regulation and sharply criticized a proposal that would require many banks to significantly increase capital to cushion losses. She also said regulators should better coordinate the goals of the financial system. Earlier this year, U.S. Treasury Secretary Bessant invited Bowman and other bank regulators to hold a private meeting with the goal of streamlining supervision.