That is a remarkable accusation from someone inside the system.
Bowman spoke Thursday at the Bangkok Economic Festival. She wants to export her supervisory reforms to other banking jurisdictions around the world. She said the benefits of those reforms are not limited to the Federal Reserve.
Bowman criticized the Basel Committee on Banking Supervision and the Financial Stability Board for blindly adopting policies based on faulty premises. She said an independent review of SVB shows those bodies relied on incomplete reports compiled quickly after the bank failed. The review found both bodies took language nearly verbatim from U.S. reports that were not based on complete or accurate information.
As a result, Bowman said, both bodies pursued additional regulatory work that was "inherently flawed" because it was based on incomplete and faulty initial report findings.
The question is whether other jurisdictions will follow, or push back.