The panel advanced Bowman's nomination in a 13-11 vote. She now joins a queue of financial policy nominees including Jonathan McKernan, who President Donald Trump tapped to lead the Consumer Financial Protection Bureau and Jonathan Gould, nominated to head the Office of the Comptroller of the Currency. 

Bowman, already a Fed governor, is expected to sail through the full Senate vote relatively easily as both the industry and Republicans have stood uniformly behind her nomination so far in the process. 

Her elevation to vice chair for supervision will come as the Fed board, through a chunk of 2026, will still be controlled by Democratic members, unless Trump removes them as he did at the credit union regulator. Doing so would be unprecedented at the Fed, and would likely be subject to a legal challenge. 

The panel also advanced the nominations of Andrew Hughes to be deputy secretary of Housing and Urban Development, David Woll to be general counsel of the same agency and John Hurley to be under secretary for terrorism and financial crimes at Treasury, among others. 

"These nominees are not just capable but essential to our nation's prosperity," said Senate Banking Committee Chairman Tim Scott, R-S.C.,  in a statement. "Their roles demand accountability and expertise to protect American interests both at home and abroad." 

Sen. Elizabeth Warren, D-Mass., led Democratic lawmakers in voting against Bowman. 

"Bowman wants to lead a key part of the Federal Reserve, but refuses to acknowledge what economists know to be true: Trump's tariffs are breaking our economy," Warren said at the vote. "She also signaled that more Wall Street deregulation is on the way, putting small businesses and households at even greater risk." 

Warren and other Democrats also voted against the HUD nominees. 

"Mr. Hughes and Mr. Wall want to be confirmed to positions at HUD, but they seem unwilling to stand up against cuts that will undermine fair housing and make it harder to tackle skyrocketing housing costs," she said. "They both refused to answer whether they had signed a loyalty pledge to the President." 

Banking groups immediately applauded the Senate's vote. 

The Independent Community Bankers of America trade association "and the nation's community bankers have long been strong supporters of Governor Bowman, and we call on the Senate to take up and approve her nomination to serve as vice chair for supervision at the Fed," said ICBA President and CEO Rebeca Romero Rainey in a statement. "Governor Bowman has been a strong proponent of regulations that prioritize safety and soundness, pragmatic oversight that targets stresses in the financial system, and rules that meticulously follow administrative procedures." 

The Financial Services Forum said that the country's "leading banks urge swift action" to confirm both Bowman and Gould.  

"They are well-qualified nominees and it is crucial that these roles be filled," the trade group said.