Bowman, the US Federal Reserve Vice Chair for Supervision, will make reductions through attrition, retirements, and voluntary separation incentives in a plan to reorganise the agency’s supervision and regulatory units, reports Reuters.

Earlier this year the Federal Reserve announced plans to cut 10% of its workforce in alignment with President Donald Trump’s plans to streamline the federal government.

In 2024, Chairman of the Federal Reserve Jerome Powell stated he would not step down under Trump amid the president’s criticisms of the agency. Powell was appointed by Trump in 2017 and his term will run until 2026.